Carousell raises US$80M

The latest round brings the startup’s valuation to US$ 900M.

Singapore-based e-commerce startup, Carousell raises US$80M in a funding round held in September 2020, led by Naver Corp along with participation from Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities.

Lucas Ngoo, Marcus Tan Yi Wei, and Quek Siu Rui founded the startup in 2012. Carousell is a B2C and C2C consumer app for buying and selling new as well as secondhand goods. It has a diverse variety of products across 29 categories, including cars, lifestyle gadgets, and fashion accessories.

The Carousell app is available both on Android and iOS. The app goes by the name Cho Tot in Vietnam, Mudah in Malaysia, OneKyat in Myanmar, and Revo Financial in Singapore. It has been ranked as the leading shopping app in Vietnam, Taiwan, Hong Kong, and Australia.

Following the inception of the COVID-19 pandemic, the startup had launched various local initiatives to support businesses and the common people. These initiatives include providing US$ 2M worth of free ads to non-profit organizations, launching a #ChoosetoGive crusade where the society donated free items to users in need, and collaborations with government organizations such as Enterprise Singapore, Hong Kong Productivity Council and Malaysia Digital Economy Corporation to encourage the digitization of micro-businesses and SMEs.

CEO Quek Siu Rui was quoted to say, “The last six months have been challenging for all. It’s inspiring to see how the Carousell community is making the best out of a challenging situation, helping those in need and rallying each other on. Their stories of how Carousell has been essential to them to make ends meet and afford what they need during this global health crisis reminds us to keep heads down focused in serving our community.”

The startup has raised over US$ 262.8M across several rounds of funding from investors such as 500 Startups, Sequoia Capital India, EDBI, Golden Gate, Rakuten, Quest Ventures, Rakuten Capital, K3 Ventures, DBS Bank, Mirae Asset-Naver Asia Growth Fund, Darius Cheung, Pobts, NH Investment & Securities and Danny Oei Wirianto.

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