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 elevate final yr.
The newest funds will probably be used to deepen Carousell’s investments throughout extra classes of pre-owned items and markets, and in addition to discover acquisitions to scale up the enterprise.
“We consider that the accelerated adoption of digital experiences is a chance for us to double down on our recommerce efforts with a concentrate on comfort and belief, to unlock step-change development in our neighborhood,” mentioned 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 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 development potential.
Sights on the area
Based on Quek, Carousell has grown method past classes like style, electronics and common items.
“Because the area turns into extra prosperous, folks wish to benefit from the finer issues in life. We’re authentication capabilities for higher-value merchandise, together with luxurious items and automobiles. Our purpose is to make transacting in a second-hand market as handy and trusted as any e-commerce platform in order that second-hand can actually be the primary alternative,” he mentioned.
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 likely one of the world’s fast-growing cell person-to-person marketplaces. It has recorded over 8 million listings on the app up to now, 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 autos.
Subsequent step, SPAC?
The funding spherical is about to pave the way in which for a particular goal 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 way of a SPAC might happen as quickly as the top of this yr.
Featured Picture Credit score: Carousell
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