Startups gain much attention when they reach a particular revenue milestone, investors pay attention to numbers closely when they do valuation. In the case of Carsome, an automotive e-commerce platform the portal is going places and is in the midst of reaching US$ 1 billion in transaction value on its platform.
According to Co-Founder and Group CEO Eric Cheng the company recorded some solid growth, transacting an annualised 100,000 cars which totalled to a staggering US$ 700 million in transacted value. With lockdowns restricting physical viewing or purchasing of vehicles, online platforms like Carsome experienced surges in visits and sales. The additional volume gave the site a gain of 2 percent, up from the previous 1.0-1.5 percent.
“We are very encouraged by our growth. With greater ambition, we are on track to surpass the US$1 billion revenue mark by the end of 2021,” Cheng added.
Separately, the company is looking to expand its footprint in Southeast Asia with flagship stores opening in Jakarta and Thailand including the entry into Motorsports. Its now sponsoring the B-Quik Absolute Racing Team Car #1 with the Audi R8 LMS Evolution driven by Sandy Stuvik. Stuvik, the first Thai driver to win a Formula 3 Championship, and the reigning double champion of the Thailand Super Series GT3 Class, he will also become Carsome’s partner in the Thai market.