Carousell founders Siu Rui Quek, Marcus Tan and Lucas Ngoo.
SINGAPORE – Southeast Asia’s online classifieds business Carousell on Wednesday said it raised $ 100 million in new funds valued at more than $ 1 billion.
South Korean private equity firm STIC Investments led the investment round.
The Singapore-based Carousell said it is now valued at $ 1.1 billion – making it Southeast Asia’s latest unicorn, a startup worth more than $ 1 billion.
“We believe that the accelerated introduction of digital experiences is an opportunity for us to redouble our sales efforts with a focus on convenience and trust, to unlock growth in our community,” said Quek Siu Rui, co-founder and CEO of Carousell, in a statement. . Resale refers to the purchase and resale of previously owned products.
He said the startup will invest to expand across more categories of second-hand goods as well as markets and make strategic acquisitions to scale up operations.
Referring to unnamed sources, Bloomberg News reported in June that Carousell was considering a potential US IPO through a merger with a blank check company.
Like other online classified platforms are the idea behind Carousell is simple: Users take pictures of things they want to sell and list them, with relevant information, in the market for buyers.
As the coronavirus pandemic forced more people to stay at home, experts have said that consumption patterns are constantly changing.
People are turning more to e-commerce for their shopping needs and this puts companies like Carousell and others in an excellent position to take advantage of Southeast Asia $ 300 billion internet economy.
Carousell’s other backers include Sequoia Capital India, Golden Gate Ventures and South Korean technology company Naver, creator of the messaging program Line.