After a decade of operations, Carsome Group has emerged as Malaysia's first unicorn and established a footprint in Singapore, Indonesia, and Thailand. The co-founder and CEO, Eric Cheng, emphasized the importance of understanding local markets and customer behaviors as vital steps before any regional expansion. Carsome's growth trajectory highlights the complexities of scaling in Southeast Asia, including regulatory challenges and varying consumer trends.
Cheng pointed out that having a solid foundation in business fundamentals is crucial. He noted that without a robust operating model and efficient execution, companies risk amplifying existing inefficiencies when entering new markets. Carsome's success involved a thorough validation of its business model, which allowed the company to maintain quality and manage costs effectively.
Carsome's strategic entry into Indonesia exemplifies its approach. Despite being the largest automotive market in the region, Indonesia remains fragmented and underserved, presenting opportunities for innovation and trust-building. This early presence has enabled the company to adapt and cater to the unique demands of the market, facilitating its expansion across ASEAN.