Carousell raises US$56 million from Naspers
In this article (5)
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.
Questions & Answers
Q.What does Carousell gain from this deal with Naspers?
What does Carousell gain from this deal with Naspers?
Carousell will acquire OLX Philippines, which is expected to boost its presence in the Philippines and across Southeast Asia. The deal also provides a significant funding injection of US$56 million from Naspers.
Q.How much has Carousell raised in total funding to date?
How much has Carousell raised in total funding to date?
Including the US$56 million from Naspers, Carousell has now raised approximately US$170 million in total funding. This investment values the company at over US$550 million currently.
Q.What are Carousell's future growth plans for its platform?
What are Carousell's future growth plans for its platform?
Carousell plans to continue enhancing predictive features like smart listings, personalised browsing experiences, and improved chat functions. They also aim to develop better price-suggestion tools for users.
Q.Which countries does Carousell currently operate in?
Which countries does Carousell currently operate in?
Carousell operates its m-commerce platform in several markets across Asia. These include Malaysia, Indonesia, the Philippines, Hong Kong, and Taiwan, with plans for further expansion.
Reader pulse
Is Carousell's latest deal a major shift?
17,719 votes so far