myTukar, Genie Malaysia records strong revenue growth
By Digital News Asia November 21, 2022
- Achieved loan book of US$69 million, zero NPL, positive EBITDA
- Claimed to have sold 100,000 cars worth over US$659 million
Malaysia’s digital used car ecosystem, myTukar and Genie Malaysia, have recorded strong sustainable growth.
In a statement, the online used car retailer claimed to have sold nearly 6,000 cars to end-customers, while its wholesale business has sold over 100,000 cars worth over US$659,000 million (RM3 billion) via its 2,600-dealership network despite having only started its retail started in 2021.
It said since its inception in 2018, it now has 33 branches nationwide, two state-of-the-art reconditioning centres and five workshops with after sales capabilities.
The firm’s expansion nationwide is part of its goal to provide trustworthy, hassle-free and digital experiences when buying and selling, financing, insuring and servicing used cars, it added.
Chairman and founder of myTukar Fong Hon Sum said he started myTukar to change and revolutionise the used car industry in Malaysia.
“myTukar aims to inject transparency, seamlessness and peace of mind in an industry where there was little trust, and to leverage technology to digitalise an age-old, opaque and poorly regulated industry,” he said.
myTukar and sister company Genie Financial Services Malaysia are also dedicated to being key contributors to the economy with job creation in Malaysia, it said.
The companies claimed that during the pandemic, their strong financials not only allowed them to sustain their headcount, but also saw sizable expansion across the board from 175 to 1,300 local employees.
Chief executive officer (CEO) of myTukar Derrick Eng said from a workforce of 175 before Covid-19 to approximately 1,300 employees today, the firm has hired, trained and upskilled its employees throughout the pandemic.
“We are focused on laying the foundations of a sustainable Malaysian tech company, proudly built, and led by Malaysians for the underserved local used car community,” he said.
Genie Malaysia claimed it is also on track to becoming the fastest growing used car fintech provider in the country, as it celebrates its first anniversary of its operations.
It said it has achieved an outstanding loan book of US$69 million (RM315 million) and zero NPL, while also measuring positive EBITDA.
To date, it has processed over 3,000 applications as it offers dealers and used car consumers with seamless, AI-enabled credit scoring and digitised lending, it added.
CEO of Genie Malaysia, Simon Chan said, “We have been able to make lending more credit-worthy and easier for ordinary people who have genuine needs to own cars.
“Genie Malaysia is backed by financing facilities from at least one leading domestic bank, which is a huge validation of our business model, and we are open to partnerships that will help banks serve the underserved in a better and safer manner,” said Chan.
The company said myTukar and Genie Malaysia have grown to be significant contributors towards the Malaysian community as well as economy, bolstered by its stronghold of local partners and investors. This includes Sime Darby, DRB-Hicom and approximately 100 local dealer shareholder partners.
The companies said these partnerships have cemented their position within the used car ecosystem in Malaysia and reaffirmed their position as proud Malaysian startups.
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