CNBC: Singapore’s E-Commerce Company, Carousell, Becomes the Latest ‘Unicorn’
Posted on September 21st 2021, 6:31:21 am
(Image source: Carousell)
Online secondhand marketplace Carousell has received $100 million in funding at the valuation of $1.1 billion, making it the latest startup unicorn in South-East Asia. The funding round was led by South Korean private equity firm STIC Investments.
Carousell creates an online marketplace for re-selling previously owned items. The new investment will be assigned to expand the categories of secondhand goods as well as to scale up the company with strategic acquisitions.
As the coronavirus pandemic last year had boosted online shopping and changed the shopping habits of customers forever, this is a lifetime opportunity for online retailers and start-ups like Carousell.
“We believe that the accelerated adoption of digital experiences is an opportunity for us to double down on our recommerce efforts with a focus on convenience and trust, to unlock step-change growth in our community,” according to CEO and co-founder Quek Siu Rui.