Online Marketplace Carousell Is Singapore's Newest Unicorn

  • In Business
  • 2021-09-15 08:37:56Z
  • By Bloomberg

(Bloomberg) -- Online classifieds marketplace Carousell Pte became Singapore's latest tech unicorn, raising funds at a $1.1 billion valuation as Southeast Asia's e-commerce startups benefit from the pandemic and related lockdowns.

The company got $100 million in a round led by South Korean private equity firm STIC Investments, according to a statement on Wednesday.

Carousell is joining Singapore's growing list of unicorns, or private companies valued at more than $1 billion, as the island nation of 5.7 million people positions itself as a vibrant regional hub for technology startups. Newly minted unicorns this year include fintech platform Nium, used-car marketplace Carro and software company PatSnap.

There has been a flurry of fundraising and startup deals in Southeast Asia, where the tech industry is having a boom year. The coronavirus and government-imposed movement restrictions have boosted demand for online transactions in one of the world's fastest-growing digital markets. The region added 70 million new online shoppers since the start of the pandemic, according to an annual report by Facebook Inc. and Bain & Co.

"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," Carousell Chief Executive Officer Quek Siu Rui said in the statement.

Carousell was founded in 2012 and now counts Telenor ASA, Rakuten Ventures, Naver, and Sequoia Capital India among its backers. The marketplace has since expanded to eight markets across Southeast Asia, Taiwan and Hong Kong, allowing users to buy and sell a diverse range of products including cars, lifestyle, gadgets and fashion accessories. The company is considering to add authentication technologies for higher-value products, such as luxury goods and vehicles, among other programs.

As part of its expansion efforts, Carousell has weighed a U.S. listing via a merger with a blank-check company, people with knowledge of the matter said in June.

Read more: Singapore's Carousell Is Said to Explore U.S. Listing Via SPAC

(Updates with online consumer growth numbers in fourth paragraph.)

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.


More Related News

Taper Warning Signs Flash to Markets From India Central Bank
Taper Warning Signs Flash to Markets From India Central Bank

(Bloomberg) -- Traders are seeing hints that India's central bank is seeking to drain record liquidity from the banking system, another sign that the global ...

Tycoon Richard Li
Tycoon Richard Li's Insurer FWD Files for Long-Awaited IPO

(Bloomberg) -- FWD, the acquisitive Asian insurer backed by billionaire Richard Li, filed on Thursday to go public in the U.S., confirming an earlier...

Oyo to Seek at Least $1.2 Billion in IPO After Comeback
Oyo to Seek at Least $1.2 Billion in IPO After Comeback

(Bloomberg) -- Oyo Hotels & Homes Pvt, a once high-flying Indian startup that ran into troubles during the pandemic, plans to file preliminary documents to...

Metals Giants Warn Power Crisis Could Derail Europe
Metals Giants Warn Power Crisis Could Derail Europe's Green Push

(Bloomberg) -- A group representing some of the world's top metals producers warned European politicians that the energy crisis threatens to derail the...

Stronger U.K. Winds Set to Bring Supply Relief to Energy Markets
Stronger U.K. Winds Set to Bring Supply Relief to Energy Markets

(Bloomberg) -- The U.K. will experience a shift in the weather next week, including strong winds that will ease its dependence on expensive natural gas to...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Business