Carousell raises US$56 million from Naspers

Apr 30, 2019Updated Apr 12, 20191 min read

Singaporean m-commerce platform Carousell has raised US$56 million from Naspers, the parent company of the Philippines’ online marketplace OLX.

As part of the deal, Carousell will also acquire OLX Philippines, with the transaction due to be completed by the second half of this year.

OLX Group will own a 10 per cent stake in Carousell, and values the company at “over US$550 million,” the firm says.

The merger will give Carousell a boost in the Philippines and across Southeast Asia.

Currently featuring 196 million listings Carousell has sold some 71 million items since it was founded in 2012. The company says it wants to continue improving predictive features like smart listings, personalised browsing, chat experiences and price-suggestion functions.

The firm has raised approximately $170 million to date, and expects a valuation of $1 billion, in the near future.

Carousell operates in Malaysia, Indonesia, the Philippines, Hong Kong, and Taiwan.

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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