Carousell co-founder and CEO Quek Siu Rui. Photo credit: Tech in Asia.
The news (via TechCrunch):
- Carousell, a leading ecommerce marketplace in Southeast Asia, has raised a series C round worth between US$70 million to US$80 million, anonymous sources told TechCrunch.
- Carousell’s gross merchandise volume is at US$5 billion in total, a source told TechCrunch. Rival Shopee is on track to do US$3 billion. However, it’s unclear how Carousell’s GMV is derived because transactions between buyer and seller happen offline. Therefore, Carousell and Shopee’s numbers may not be comparable.
- The startup is on track to do double-digit millions in US dollars in revenue this year. Part of that will include a subscription service for a Pro app targeted at sellers, real estate agents, and recruiters.
Why it matters:
- Carousell is a leader in the region’s second-hand goods market. The funding fuels its ambition of becoming a powerhouse in online classifieds. It is expanding into jobs, property, services, and cars.
- The funding allows it to stay competitive against well-funded ecommerce rivals. Shopee’s parent company Sea raised close to a billion US dollars in its IPO. Lazada is owned by Alibaba.
Update on Oct 28: Add clarification about Carousell’s GMV.
Editing by Steven Millward
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