KUALA LUMPUR – Singapore-based classifieds platform Carousell Group has secured an investment of US$100 million (RM415 million) in a round of funding led by South Korean private equity firm STIC Investments.
It said the latest investment will take Carousell’s valuation to US$1.1 billion.
“The investment will power the group’s ambitions to redefine commerce for second-hand goods and automobiles in an increasingly digitally savvy, affluent and sustainability conscious region,” it said in a statement today.
Co-founder and chief executive officer Quek Siu Rui said the pandemic has increased the relevancy of selling and buying second-hand items through its platform.
“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,” he said.
Meanwhile, STIC Investments managing director Jason Cho said Carousell continues to achieve tremendous user growth as it transforms the recommerce market, adding new features that are focused on creating trusted marketplaces and enhancing overall user experience.
“We are highly confident that Carousell will be at the centre of the second-hand economy in this region at a time when an increasing number of socio-economic and environmentally conscious consumers are shifting towards a circular economy,” he said.
As part of the funding round, Cho will be joining the Carousell board of directors. – Bernama, September 15, 2021
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