Carousell has joined Singapore’s growing unicorn stable after raising funds at a valuation of $ 1.1 billion as the operator of the online classifieds market seeks to expand into big-ticket items amid a pandemic-induced e-commerce boom.
The company raised $ 100 million in a funding round led by South Korean private equity firm STIC Investments, it said in a statement. declaration Wednesday. Carousell was recently valued at around $ 900 million during a funding round at the height of the pandemic in 2020, data from Venture Cap Insights showed.
“We believe that the accelerated adoption of digital experiences is an opportunity for us to double our recommerce efforts with a focus on convenience and trust, to unlock radical growth in our community,” said Quek Siu Rui, co-founder and CEO of Carousell.
Founded in 2012, Carousell operates an online marketplace that allows users to buy and sell a range of second-hand products, including electronic gadgets, fashion accessories and home appliances in Southeast Asia, in Taiwan and Hong Kong. The company, which counts Telenor ASA, Rakuten Ventures, Naver and Sequoia Capital India among its existing investors, more than doubled revenues to $ 15.7 million in 2019, according to Venture Cap Insights.
“We have grown far beyond categories such as fashion, electronics and general goods,” Quek said. “As the region gets richer, people want to enjoy the finer things in life. We are looking for authentication capabilities for higher value products including luxury goods and cars. “
Singapore has positioned itself as a hub for Southeast Asian startups, with the unveiling of the local stock exchange new rules this month to pave the way for the Special Purpose Acquisition Company List, or SPAC, many of which have facilitated backdoor lists of startups in the United States. the state includes the used car market Carro and the financial technology company Nium.