Pradeep Pandey: “Stay in the Game” — Building an Operating System for Used Cars in SEA

Mayank Singh
Jul 24, 2025
3 min read

What does it really take to build in a mature, highly fragmented industry—while the core product (cars!) is being disrupted for the first time in decades? In this episode, Pradeep Pandey opens up about leaving a 19-year corporate career, why “used” beats “new” in Southeast Asia, and the hard-won mindset that keeps founders in the fight: stay in the game.

From Nissan & Kaidee to founder: two paths that crossed

Pradeep’s journey is a blend of deep auto experience (RMA Group, Nissan) and a pivotal chapter at Kaidee, where a startup culture flipped a switch. Corporate taught scale and process; Kaidee showed him the speed of data-driven, table-side decisions. In parallel, he and co-founder Francisco kept spotting the same friction for car owners and sellers: scattered touchpoints (financing, insurance, service) and expensive customer acquisition for providers. Those threads converged into CarsmeUp.

What CarsmeUp is actually building

Think less “classifieds,” more operating system for the used-car journey:

Platform – listings, promotion, demand generation.
Transactions – certified cars inspected via nationwide partners (e.g., Cockpit), bundled with warranty/after-sales.
Ancillaries – integrated financing, insurance, extended warranties and service networks.

High integration is the strategy moat. Instead of monetizing a user once, CarsmeUp aims to serve (and re-serve) that customer across the full ownership lifecycle—while making acquisition/retention cheaper for dealers and providers. Fun twist: an early, unplanned surge came from expat buyers who needed a trusted guide through the process. That revenue now helps fund the deeper tech roadmap.

EV reality check (and why hybrids are hot)

The disruption is real. Performance per baht has changed dramatically with EVs, but resale economics haven’t caught up—yet.

In Thailand, Pradeep notes a 3-year residual of ~65% for many Japanese ICE/hybrids vs. ~30–35% for some Chinese EVs today.
Lower residuals ripple into tougher financing and insurance (lenders price in risk).
Expect EV growth to continue, but slower; hybrids are winning mindshare as the pragmatic bridge.

He’s cautiously optimistic: longer battery warranties and better product maturity should lift used-EV values over time.

Why used cars (and why SEA)

The macro tailwinds are strong:

Used > New: Thailand’s used-car volume historically exceeds new (e.g., ~1.2–1.3M vs. ~1.0M units pre-COVID).
SEA scale: a ~$70B used-car market (ex-ancillaries), with Indonesia #1 by size and Thailand #2.
Fragmentation: even the “big names” collectively hold <5% market share—plenty of room for new platforms that integrate the value chain.

CarsmeUp is Thailand-first, but watching Vietnam (fast growth from two-wheelers to cars) and evaluating a beachhead market for disciplined expansion.

Thailand’s startup maze (and how to navigate it)

Operationally, Thailand is a great place to build; structurally, fundraising can be messy. SAFE conversions, cap-table comfort for foreign investors, and exit pathways often push founders to Singapore holdcos. The ask from Pradeep is simple: clearer, founder-friendly policy playbooks so builders spend more time on customers and less on compliance.

Founder lessons: the three punches & the mantra

Pradeep shares three humbling truths most founders eventually face:

Titles don’t travel. Your corporate halo disappears on Day 1.
You’re not the only hard worker. Grit is table stakes.
Incumbents move fast when threatened. Expect your idea to be copied.

The counter-move? Stay in the game. Keep shipping, keep talking to users, keep adjusting. Over time, persistence compounds into traction: CarsmeUp now counts 250+ dealers, major bank integrations, nationwide service partners, and insurance tie-ups—progress that came from showing up, not giving up.

What’s next for CarsmeUp

Profitable growth as a principle (already profitable on average months).
10–15× revenue scale-up from the current base.
Select SEA expansion (one market to start), with a light, test-and-learn footprint.
Continued build-out of the full-stack OS: platform + transactions + ancillaries.

Key takeaways

Positioning: CarsmeUp isn’t just a listing site; it’s wiring together the used-car ecosystem.
User value: Certified cars + warranty + financing/insurance options in one experience.
Market fit: Fragmentation + lifecycle monetization = room for an integrated, high-tech player.
EV pragmatism: Hybrids surge while used-EV economics mature.
Founder mindset: Your edge is endurance—stay in the game.