Singapore-based secondhand goods marketplace, Carousell has signed a deal to acquire Refash, a local omnichannel fashion recommerce platform.
The value of the deal is undisclosed.
Refash is a platform for women to buy and sell secondhand clothing and it currently has 13 physical stores across Singapore and Malaysia.
The partnership with Refash enables Carousell to help users sell their preloved goods in a shorter time span.
"With our reach and expertise in using technology and AI to create seamless buy-sell experiences for secondhand, we are excited to partner and accelerate the growth of Refash," Quek Siu Rui, co-founder and chief executive officer of Carousell said.
Background of Carousell
- Carousell was founded by Quek Siu Rui, Lucas Ngoo, and Marcus Tan in 2012.
- The platform focuses as a marketplace for buying and selling new and secondhand goods in Singapore, and has expanded to Australia, Hong Kong, and Taiwan.
- Carousell plans to go public via a special purpose acquisition company (SPAC) listing.
- The company claimed it has a leading presence in 8 markets under the brands Carousell, Mudah.my, Cho Tot, OneKyat, and Ox Street.
- 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.
