Carousell valued at $900m after bagging $80m from Naver-led consortium

Carousell, a Singapore-based classifieds marketplace, today announced that it has raised a total of US$80 million in a funding round from a consortium led by South Korea’s Naver Corporation, bringing the company’s valuation at over US$900 million.

Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities are the other investors in the consortium.

Carousell co-founders / Photo credit: Carousell

The fresh round comes after the company raised US$56 million from Naspers-owned OLX Group and acquired OLX Group’s Philippine operations in April last year. In November, it merged with 701Search and was valued at more than US$850 million.

The company said that it saw an acceleration of ecommerce adoption during this global pandemic, with shoppers moving online, selling more items and supporting their local communities.

Launched in 2012, Carousell’s platform offers products across categories, including cars, lifestyle, gadgets, and fashion accessories. It operates in eight markets across Southeast Asia, Taiwan and Hong Kong.

See also: Unpacking Carousell’s 2019 financial numbers

The company said it will further personalize search and recommendations for listings and users, and automate fraud prevention.

Naver Corporation operates search engine Naver, communication app Line, digital comics platform Naver Webtoon, camera and video app Snow, and group social media platform Naver Band.