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Singapore’s Carousell Raises $100 Million for Regional Expansion

Carousell app. Shutterstock.

Carousell Group, which incorporates C2C market Carousell, Vietnam’s Chotot and Malaysia’s Mudah, secured $100 million in a funding spherical led by South Korean personal fairness agency STIC, bringing its valuation to $1.1 billion, Inside Retail reviews.

The funding will likely be used to ramp up Carousell’s enlargement throughout Southeast Asia. It’s at present lively in eight markets throughout the area, in addition to Taiwan and Hong Kong.

Although customers should purchase and promote new merchandise on the group’s platforms, a lot of Carousell’s focus is on secondhand items, from style to electronics and vehicles.

“Our purpose is to make transacting in a secondhand market as handy and trusted as any e-commerce platform in order that secondhand can actually be the primary selection,” co-founder and CEO, Quek Siu Rui, advised Inside Retail.

Be taught extra:

Singapore’s Carousell Explores US Listing via SPAC

https://www.businessoffashion.com/information/global-markets/singapores-carousell-raises-100-million-for-regional-expansion | Singapore’s Carousell Raises $100 Million for Regional Enlargement

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