Carousell has just bought over streetwear marketplace Ox Street

Carousell is looking to go public soon too

Alfred Lee

18 Oct, 2021

Carousell has just bought over streetwear marketplace Ox Street | BEAMSTART News

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Carousell, one of the most popular online classifieds portals from Singapore, has just acquired OX Street, a marketplace for sneakers and streetwear.

Details of the deal value were undisclosed, however Ox Street will continue to operate under its own brand and team.

Why Carousell bought Ox Street

Founded back in 2019, Ox Street provides an end-to-end platform for people to discover authentic street wear products.

The company authenticates every streetwear item prior to listing them on their platform, ensuring that every item is original before purchase.

Carousell's acquisition of Ox Street is reportedly a synergistic one, as both companies will be able to leverage on each other's technology, experience, and reach to grow their revenue streams.

"We initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers, but as discussions progressed, we found so much common ground in how we see the future, that we decided it would be much more powerful for Ox Street to fully join the Carousell group," mentioned Gijs Verheijke, CEO of Ox Street.

Carousell plans to go public soon

This acquisition comes at a time where Carousell is gearing up to go public via a $2 billion SPAC listing in the United States.

The company crossed $1 billion in valuation earlier last month after it raised yet another $100 million from investors.

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