New funds and valuation at $1.1 billion

The Carousell software is displayed on a smartphone in an organized {photograph} in Singapore.

Ore Huiying | Bloomberg | Getty Images

SINGAPORE — Southeast Asia’s on-line classifieds enterprise Carousell on Wednesday mentioned it raised $100 million in recent funds that worth the corporate at greater than a billion {dollars}.

South Korean personal fairness agency STIC Investments led the funding spherical.

The Singapore-based Carousell mentioned it’s now valued at $1.1 billion — which makes it Southeast Asia’s newest unicorn, a start-up value greater than a billion {dollars}.

“We believe that the accelerated adoption of digital experiences is an opportunity for us to double down on our recommerce efforts with a focus on convenience and trust, to unlock step-change growth in our community,” mentioned Quek Siu Rui, co-founder and CEO of Carousell, in a press release. Recommerce refers to purchasing and re-selling beforehand owned merchandise.

He mentioned the start-up will make investments to develop throughout extra classes of pre-owned items in addition to markets, and do strategic acquisitions to scale up the enterprise.

Citing unnamed sources, Bloomberg News reported in June that Carousell was contemplating a possible U.S. public itemizing by way of a merger with a blank-check firm.

Like different on-line categorised platforms, the idea behind Carousell is straightforward: Users snap footage of issues they need to promote and checklist them, with related particulars, on {the marketplace} for consumers. 

As the coronavirus pandemic compelled extra individuals to remain at dwelling, consultants have mentioned that consumption patterns are completely shifting.

People are turning extra to e-commerce for his or her buying wants and that places firms like Carousell and others in a primary place to faucet into Southeast Asia’s $300 billion internet economy.

Carousell’s different backers embrace Sequoia Capital India, Golden Gate Ventures in addition to South Korean tech company Naver, the creator of messaging app Line.

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