The online re-commerce platform Carousell became a unicorn
The ad platform for second-hand and new items for sale, Carousell announced that it has raised 100 million dollars. The new fundings came after an investment round led by South Korean company VC, STIC Investments.
Carousell’s investors also include Sequoia Capital India, Golden Gate Ventures as well as South Korean technology company Naver, creator of the messaging app Line.
Singapore-based Carousell said its value is now valued at 1.1 billion dollars, which makes it the last unicorn of Southeast Asia.
The accelerated adoption of digital media is an opportunity for the company to redouble its efforts in re-commerce, emphasizing on practicality and reliability, to gradually achieve its growth, based on the statements of Quek Siu Rui, co-founder and CEO of Carousell.
Although the “reverse” trade is focused on buying and reselling thrift products, he said the startup will invest the money to expand into other categories of used products and markets.
At the same time, it will make strategic acquisitions to upgrade the business, and according to Bloomberg sources, the company is considering listing on the US stock exchange through a merger with a blank cheque company.
As on other online platforms, users take pictures of the things they want to sell and post them on its data base with relevant details about buyers.
After the Covid-19 pandemic, during which many people were shopping at home, experts note that consumer patterns are changing on a permanent scale.
Individuals are increasingly turning to e-commerce for their purchases, and this puts companies such as Carousell and others in a privileged position to take advantage of south-Asian internet economy, worth 300 billion dollars.