Image from Carousell Blog
Online classifieds platform Carousell raised $100 million in fresh investments, which will enable it to further expand its reach in Southeast Asia (SEA). STIC Investments, a leading Korean private equity that invests across Asia, leads this round of funding. The investment will bring Carousell valuation to $1.1 billion.
“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,” said Quek Siu Rui, co-founder and CEO of 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.”
According to Carousell, it will use the funds to expand not only the reach but also the goods it offers in the platform specifically secondhand items and automobiles.
“Carousell continues to achieve tremendous user growth as they transform the recommerce market, adding new features that are focused on creating trusted marketplaces and enhancing overall user experience,” said Jason Cho, managing director of STIC Investments. “We are highly confident that Carousell will be at the center of the secondhand economy in this region at a time when an increasing number of socio-economic and environmentally conscious consumers are shifting towards a circular economy.”
As part of the funding round, Cho will join the Carousell Board of Directors.
Since its founding in 2012, Carousell serves a community of tens of millions of users across eight markets in Greater SEA under the brands Carousell, Mudah.my, Cho Tot and OneKyat.
This year, Carousell has piloted a Certified Mobiles program in Singapore, offering a 12-month warranty for used mobile phones to offer users a like-new experience at secondhand prices, and launched integrated shipping with PosLaju (the Malaysia national postal service) to provide contactless transaction options for sellers and buyers during the Movement Control Order. Carousell Auto Group, which was formed earlier this year to leverage its regional leadership position in car classifieds, has in a short period rolled out a Certified Autos program in Malaysia that achieved the largest inventory of certified cars in the country, with other key markets to follow.