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Southeast Asia’s on-line market Carousell is now a ‘unicorn’ valued at $1.1 billion

The Carousell utility is displayed on a smartphone in an organized {photograph} in Singapore.

Ore Huiying | Bloomberg | Getty Pictures

SINGAPORE — Southeast Asia’s on-line classifieds enterprise Carousell on Wednesday mentioned it raised $100 million in contemporary funds that worth the corporate at greater than a billion {dollars}.

South Korean non-public fairness agency STIC Investments led the funding spherical.

The Singapore-based Carousell mentioned it’s now valued at $1.1 billion — which makes it Southeast Asia’s newest unicorn, a start-up value greater than a billion {dollars}.

“We consider that the accelerated adoption of digital experiences is a chance for us to double down on our recommerce efforts with a deal with comfort and belief, to unlock step-change development in our neighborhood,” mentioned Quek Siu Rui, co-founder and CEO of Carousell, in an announcement. Recommerce refers to purchasing and re-selling beforehand owned merchandise.

He mentioned the start-up will make investments to develop throughout extra classes of pre-owned items in addition to markets, and do strategic acquisitions to scale up the enterprise.

Citing unnamed sources, Bloomberg News reported in June that Carousell was contemplating a possible U.S. public itemizing through a merger with a blank-check firm.

Like different on-line labeled platforms, the idea behind Carousell is straightforward: Customers snap footage of issues they wish to promote and listing them, with related particulars, on {the marketplace} for consumers. 

Because the coronavirus pandemic pressured extra individuals to remain at house, consultants have mentioned that consumption patterns are completely shifting.

Individuals are turning extra to e-commerce for his or her purchasing wants and that places firms like Carousell and others in a main place to faucet into Southeast Asia’s $300 billion internet economy.

Carousell’s different backers embody Sequoia Capital India, Golden Gate Ventures in addition to South Korean tech company Naver, the creator of messaging app Line.

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