Carousell, a Singapore-based online classifieds marketplace, is now the country's latest startup company to hit "unicorn" status.
The company is now valued at over $1.1 billion after raising a new round of funding from investors.
- Carousell has raised $100 million led by South Korean private equity firm STIC Investments.
- Founded in 2012 by 3 friends, Carousell operates an online marketplace that allows users to buy and sell a range of secondhand products including electronic gadgets, fashion accessories, and appliances across Southeast Asia, Taiwan, and Hong Kong.
- The company counts Telenor ASA, Rakuten Ventures, Naver, and Sequoia Capital India among its existing investors.
Why It Matters
- With everything going digital due to the pandemic, Carousell aims to double-down efforts to become the market leader for everything classifieds.
- The company has grown beyond its core categories (fashion, electronics, and general goods), and is looking to go down higher-value products such as luxury goods and cars.
- Carousell's previous valuation was reportedly $900 million back in 2020, at the height of the pandemic.