Technology

New funds and valuation at $ 1.1 billion

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The Carousell application is displayed on a smartphone in an arranged photo in Singapore.

Ore extraction | Bloomberg | Getty Images

SINGAPORE – Southeast Asian online classifieds company Carousell announced Wednesday that it had raised $ 100 million in fresh funds, which the company has valued at more than $ 1 billion.

South Korean private equity firm STIC Investments led the investment round.

Singapore-based Carousell said it was now worth $ 1.1 billion – making it Southeast Asia’s newest unicorn, a start-up worth more than $ 1 billion.

“We believe that accelerating the adoption of digital experiences is an opportunity for us to redouble our re-commerce efforts with a focus on convenience and trust to grow by leaps and bounds in our community,” said Quek Siu Rui, Co-Founder and CEO from Carousell, in a statement. Recommerce refers to buying and reselling products that were previously owned.

He said the start-up will invest to expand into more used goods categories as well as markets and make strategic acquisitions to grow the business.

Citing unnamed sources, Bloomberg News reported in June that Carousell was considering a possible listing in the US through a merger with a blank check company.

As with other online classified ads platforms, the idea behind Carousell is simple: users take pictures of things they want to sell and post them with relevant details on the marketplace for buyers.

As the coronavirus pandemic forced more people to stay home, experts have said that consumption patterns are changing permanently.

People are turning more to e-commerce for their shopping needs, and that puts companies like Carousell and others in a prime position to unlock Southeast Asia’s $ 300 billion internet economy.

Carousell’s other supporters include Sequoia Capital India, Golden Gate Ventures, and South Korean technology company Naver, creator of the messaging app Line.

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