Carousell to Follow Suit on SPAC for US Listing; Valued at US$1.5 Billion

Joining the likes of tech giant, Grab and property listing platform, PropertyGuru to go public in the US

Teckwai Saw

10 Jan, 2022

Carousell to Follow Suit on SPAC for US Listing; Valued at US$1.5 Billion | BEAMSTART News

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Carousell, Singapore-based secondhand goods marketplace, is in talks to go public via a merger with a blank-cheque company, L Catterton Asia Acquisition Corp.

L Catterton, formed in 2016 as a joint venture between private equity firm Catterton, LVMH and Groupe Arnault, manages more than $28 billion in equity capital.

It is reported that due dilligence is expected to be carried out on Carousell in the coming weeks so that a merger can be performed as early as this quarter.

The merger could see a joint entity valued at about US$1.5 billion.

This comes after the online classifieds marketplace was rumoured to be considering a US listing back in June 2021.

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Carousell's History

Carousell was founded in Singapore during 2012, by Quek Siu Rui, Lucas Ngoo, and Marcus Tan.

The company focuses as a marketplace for buying and selling new and secondhand goods in Singapore, and has expanded across Southeast Asia, including Australia, Hong Kong, and Taiwan.

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Major Backing by Reputable Investors

Since 2013, Quest Ventures, Telenor Group, Rakuten Ventures, Naver, and Sequoia India are the few notable Carousell's backers.

In September 2021, Carousell is valued at US$1.1 billion, reaching unicorn status, after it had raised US$100 million in a round of funding led by South Korean private equity firm STIC Investments.

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Teckwai Saw

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Based in Kuala Lumpur / Malaysia


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