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.

Key Highlights

• 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.