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Southeast Asia’s online marketplace Carousell is now a ‘unicorn’ valued at $1.1 billion

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

Ore Huiying | Bloomberg | Getty Images

SINGAPORE — Southeast Asia’s online classifieds enterprise Carousell on Wednesday stated it raised $100 million in contemporary 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 stated it is now valued at $1.1 billion — which makes it Southeast Asia’s newest unicorn, a start-up price 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,” stated Quek Siu Rui, co-founder and CEO of Carousell, in a assertion. Recommerce refers to purchasing and re-selling beforehand owned merchandise.

He stated the start-up will make investments to broaden 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 potential U.S. public itemizing by way of a merger with a blank-check firm.

Like different online categorized platforms, the concept behind Carousell is easy: Users snap footage of issues they need to promote and checklist them, with related particulars, on the marketplace for consumers. 

As the coronavirus pandemic pressured extra folks to remain at house, consultants have stated that consumption patterns are completely shifting.

People are turning extra to e-commerce for his or her procuring wants and that places corporations like Carousell and others in a prime place to faucet into Southeast Asia’s $300 billion web financial system.

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

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