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 through the fund increase final yr.
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 imagine that the accelerated adoption of digital experiences is a chance for us to double down on our recommerce efforts with a give attention to comfort and belief, to unlock step-change development in our neighborhood,” stated Quek Siu Rui, co-founder and CEO of Carousell.
“STIC’s funding is a validation of our mission and strategic path. We’ll deepen our investments in recommerce throughout extra classes and markets, and can proceed to hunt opportunistic acquisitions in scaling up,” Quek stated.
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 development potential.
Sights on the area
In keeping with Quek, Carousell has grown means past classes like style, electronics and normal items.
“Because the area turns into extra prosperous, individuals need to benefit from the finer issues in life. We’re taking a look at authentication capabilities for higher-value merchandise, together with luxurious items and automobiles. Our aim is to make transacting in a second-hand market as handy and trusted as any e-commerce platform in order that second-hand can really be the primary alternative,” he stated.
Launched in 2012, Carousell’s traders embody Telenor Group, Rakuten Ventures, Naver, and Sequoia Capital India. It operates in Southeast Asia, Taiwan, and Hong Kong.
Carousell is without doubt one of the world’s quickest rising cell person-to-person marketplaces. It has recorded over 8 million listings on the app thus far, with hundreds of thousands 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.
Subsequent step, SPAC?
The funding spherical is ready to pave the best way for a particular objective 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.
An inventory by way of a SPAC might happen as quickly as the tip of this yr.
Featured Picture Credit score: Carousell
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