Singapore’s Carro Backs Malaysian Digital Agency Driven Communications in Strategic Investment

Singapore-based online used car platform, Carro, has announced its strategic investment in Driven Communications, a digital content agency based in Malaysia. The financial details of the investment have not been disclosed, but the deal is expected to be finalized within two months. 

Carro has emphasized that the investment will not compromise the editorial independence of Driven Communications. The agency will continue to be led by its co-CEOs, Paul Tan and Harvinder Singh, ensuring the preservation of their vision and leadership in the digital content space.

The board of directors at Driven Communications will remain unchanged, ensuring stability and continuity within the company. Employees can also expect ongoing job security, as the investment aims to support the growth and development of Driven Communications.

The investment agreement guarantees Driven Communications’ editorial independence, allowing the agency to retain full control over its editorial direction and decision-making. 

Driven Communications owns a portfolio of automotive websites, including paultan.org, which focuses on automotive reviews and news, carbase.my, a buyer’s guide; and oto.my, a platform for used car classifieds.

With a significant monthly traffic of up to 6 million visits, paultan.org has built a solid following, becoming a household brand in the automotive industry. 

In the public statement of the company, Paul Tan, the co-CEO of Driven Communications, stated, “We welcome Carro’s strategic investment and our shared vision of a better, digitalized, transparent automotive used car ecosystem.” 

“Like many businesses, Driven Communications suffered financially during COVID-19. We are thankful for Carro’s future support that will protect our sites that loyal fans have come to love, save jobs and ensure continued independent reviews,” he added. 

Established in 2015, Carro has emerged as a prominent AI-driven online platform for buying and selling cars. Headquartered in Singapore, this unicorn company has expanded its operations across the Asia Pacific region and boasts a workforce of over 4,500 employees. 

Carro has secured more than US$1 billion in debt and equity funding from notable investors such as Temasek, Softbank Vision Fund, and various sovereign funds. This substantial investment has propelled Carro’s growth and solidified its position as a key player in the automotive industry.

Carro and Driven Communications have been collaborating for about two years prior to the recent investment.

“They helped us launch our first myTukar Autofair in Malaysia, and their digital online reach was incredible. Feedback from other automotive participants has been amazing; OEMs and end-customers alike rely on them. It would be a shame that it does not have the right resources and tools to scale higher,” Aaron Tan, co-founder and CEO of Carro, stated. 

According to Ernest Chew, Carro’s Chief Financial Officer, the investment and backing from Carro will enable Driven Communications to attain immediate positive net income. This will establish the company on a solid financial foundation, paving the way for significant earnings growth in the future.