Following the merger, Carousell will be valued at more than US$850 million with Telenor Group becoming the largest minority shareholder in Carousell, owning 32 percent of the combined company.

Mudah, Cho Tot and OneKyat will retain their individual names and platforms, continuing operations in Malaysia, Vietnam and Myanmar respectively.

701Search's regional hub team that operates in Singapore will be fully integrated into Carousell.

This transaction further cements Carousell as the leading online classifieds marketplace platform in Southeast Asia, with annualized revenues of over US$ 40 million.

"Our mission has remained the same since day one. We want to inspire every person in the world to start selling and buying," Quek Siu Rui, Co-founder and CEO of Carousell said.