Carousell Rumoured To Be Worth US$500M, But Its Co-founder Says "Growth Is Not Always A Good Thing" Carousell provided $ 2 million worth free ads to non-profit organizations and launched a ‘free-items’ category under the #ChoosetoGive campaign, enabling users’ donations. A CONSORTIUM led by South Korean internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million, the Singapore-headquartered startup announced on Tuesday. Get unlimited access to The Straits Times and more at S$ 0.99/month. See all 65 reviews. All rights reserved. For daily updates on weekdays and specially selected content for the weekend. Other investors of Carousell include Telenor Group, Rakuten Ventures, Sequoia India, and Naspers. This is a step up from the valuation of over US$850 million the startup achieved back in November 2019, after a merger with rival 701Search, then a unit of Telenor. All rights reserved. | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy 80-year-old uncle has a genius way of writing down his details when checking-in. Mr Jung An Lee, head of investments at Naver, said that Carousell has "built a tremendous platform enabling people in the region to transact more effectively and efficiently". Hello, your email is unverified. Mr Jung An Lee, head of investments at Naver, said that Carousell has "built a tremendous platform enabling people in the region to transact more effectively and efficiently". South Korea’s tech giant Naver Corp. led consortium made a recent investment of $80 million in Singapore based- Carousell helping the company’s valuation reach $900 million, allowing it to become a unicorn startup. 198402868E. Mr Quek said: "We are excited to work closely with Naver, a leader in mobile services and has industry-leading credentials in advanced technologies, as we continue our focus on using technology to make selling and buying even simpler, effective and more inspiring.". He added: "We believe its efforts to focus on the products and the community will be further consolidating its market leader position. A consortium led by South Korean Internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million (S$109 million). Carousell did not disclose whether the investment comprised equity, debt or both. The company has over 250 million listings across Southeast Asia, including Taiwan and Hong Kong. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. Carousell co-founder and chief executive Quek Siu Rui said that Naver's investment is a "vote of confidence" for the company. SINGAPORE (THE BUSINESS TIMES) - A consortium led by South Korean Internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million (S$108.9 … They can read the article in full after signing up for a free account. Since its launch, Carousell has raised over $260 million through several funding rounds. Upcoming Auctions Reviews Past Auctions Record Results. This is a step up from the valuation of over US$850 million the startup achieved back in November 2019, after a merger with rival 701Search, … Carousell launched several initiatives in 2020 to help businesses affected by the COVID-19 pandemic. Unlimited access to all stories from $4.99/month*. Until we resolve the issues, subscribers need not log in to access ST Digital articles. Carousell did not disclose whether the investment comprised equity, debt or both. Jung An Lee, head of investments at Naver, said that Carousell has "built a tremendous platform enabling people in the region to transact more effectively and efficiently". The gift link for this subscriber-only article has expired. "We believe its efforts to focus on the products and the community will be further consolidating its market leader position. Credit Suisse acted as the exclusive financial adviser to Carousell for the transaction. KoreaTechDesk is a trustworthy source for news on the start-up industry in South Korea. Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities are the other investors in the consortium. Carousell is a B2C and C2C consumer marketplace for buying and selling new and used goods in Singapore. Share gift link below with your friends and family. worth_buying's items for sale on Carousell. Please confirm for access to all your SPH accounts. Cover image sourced from Marketing Magazine. Find the right car for you on Carousell Autos (formerly OLX). User Follow us. But a log-in is still required for our PDFs. But a log-in is still required for our PDFs. This is a step up from the valuation of over US$850 million the start-up achieved back in November 2019, after a merger with rival 701Search, then a unit of Telenor. Blog. A version of this article appeared in the print edition of The Straits Times on September 17, 2020, with the headline 'Carousell to surpass $1.2b valuation with Naver investment'. Leave this field empty if you're human: Copyright © 2020 KoreaTechDesk | About Us press@18.206.160.104. Malaysia will pay whistleblowers for information about river pollution, This airline gets blasted for serving cup noodles in US$1,267 business class flight. SINGAPORE (THE BUSINESS TIMES) - A consortium led by South Korean Internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million (S$108.9 million), the Singapore-headquartered start-up announced on Tuesday (Sept 15). Carousell did not disclose whether the investment comprised equity, debt or both. Innisfree Green Tea Balancing Lotion. SPH Digital News / Copyright © 2020 Singapore Press Holdings Ltd. Co. Regn. 701Search's regional hub team operating in Singapore will be fully absorbed by Carousell. RESEND In 2019, Carousell made a series of acquisitions in Malaysia, Vietnam, and the Philippines, including 701Search, the Norwegian telco Telenor Group’s classifieds firm, and OLX Philippines. No. (function(){window.mc4wp=window.mc4wp||{listeners:[],forms:{on:function(evt,cb){window.mc4wp.listeners.push({event:evt,callback:cb});}}}})(); The firm has also forged partnerships with government agencies like Enterprise Singapore, Hong Kong Productivity Council, and Malaysia Digital Economy Corporation to support the digitisation of small businesses.