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Saturday, September 25, 2021

Carousell becomes S’pore’s newest unicorn after raising US$100M – now valued at US$1.1B

Singapore classifieds market app Carousell simply snagged the “unicorn” standing as its valuation reached US$1.1 billion after its newest funding spherical.

It raised US$100 million in a spherical led by South Korean personal fairness agency STIC, which gave it a step up from its earlier US$900 million valuation made throughout the fund increase final 12 months.

The newest funds will probably be used to deepen Carousell’s investments throughout extra classes of pre-owned items and markets, and likewise to discover acquisitions to scale up the enterprise.

“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.

Image Credit: Carousell

“STIC’s investment is a validation of our mission and strategic direction. We’ll deepen our investments in recommerce across more categories and markets, and will continue to seek opportunistic acquisitions in scaling up,” Quek mentioned.

Carousell joins different Southeast Asian startups, together with Carro and Carsome, to interrupt into the swanky unicorn membership. The curiosity in startups within the area has grown exponentially, as traders look to money in on the area’s progress potential.

Sights on the area

According to Quek, Carousell has grown means past classes like trend, electronics and normal items.

“As the region becomes more affluent, people want to enjoy the finer things in life. We are looking at authentication capabilities for higher-value products, including luxury goods and cars. Our goal is to make transacting in a second-hand marketplace as convenient and trusted as any e-commerce platform so that second-hand can truly be the first choice,” he mentioned.

Launched in 2012, Carousell’s traders embrace Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India. It operates in Southeast Asia, Taiwan, and Hong Kong.

Carousell is likely one of the world’s quickest rising cellular particular person-to-particular person marketplaces. It has recorded over 8 million listings on the app to date, with tens of millions of things efficiently transacted.

Millennials account for 70 per cent of Carousell’s guests, and one-third of its income is from the gross sales of second-hand automobiles.

Image Credit: Carousell

Next step, SPAC?

The funding spherical is about to pave the best way for a particular function acquisition firm (SPAC) itemizing within the US, which the corporate is alleged to be exploring on.

The startup is working with an adviser on the potential SPAC deal that would worth the corporate at as a lot as US$1.5 billion.

A list by a SPAC might happen as quickly as the tip of this 12 months.

Featured Image Credit: Carousell

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#Note-Author Name – Angela Teng

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