The online classifieds market Carousell, Southeast Asia’s newest unicorn, is considering expansion and is considering an Initial Public Offering (IPO) as an avenue to explore.
Carousell co-founder and CEO Quek Siu Rui told CNBC that on a US public listing, the company is in a “very well capitalized position” after its $ 100 million round of funding last week. . Rui said the company is exploring various options for expanding the business, including a private funding round with its investors and partners.
“Ultimately, we want to make sure we have a good investor base that will support our history of long-term growth, who value our business model and where we are heading,†Quek said.
The new capital injection, led by STIC Investments, made the startup a unicorn with a valuation of $ 1.1 billion, according to a press release from the company. Carousell said the investment advances the company’s goals of “redefining commerce” for used merchandise and automobiles in an “increasingly digitally savvy, wealthy and sustainability-conscious region. “.
See also: Carousell, the online classifieds market, considers $ 1.5 billion PSPC deal
In June, reports said Carousell was considering going public with a special purpose acquisition company (SPAC) at a valuation of $ 1.5 billion. The platform is supported by Telenor Group, Rakuten Ventures, Naver and Sequoia Capital India.
Launched in 2012 by Siu Rui Quek, Marcus Tan and Lucas Ngoo and based in Singapore, the online marketplace has reached eight markets in Southeast Asia, Taiwan and Hong Kong. Among the largest online classifieds groups in the world, it operates under the Carousell, Mudah.my, Cho Tot and OneKyat brands, according to its website.
Reated news: Rainforest e-commerce aggregator raises $ 20 million
This year, Carousell tested the launch of a used mobile phone program in Singapore that extends a one-year warranty to the purchase of any used smartphone. The company also introduced an integrated shipping option with Malaysia’s national postal service Pos Laju, according to the press release.
You May Also Like: Women Could Make $ 280 Billion in Southeast Asia’s Ecommerce Market
The company formed Carousell Auto Group earlier this year to capitalize on its “regional leadership position†in auto classifieds. Carousell also launched a certified automobiles program in Maylasie this year.
——————————
NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021
On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.
