Singapore-based B2C and C2C consumer marketplace for buying and selling new and used goods in Singapore Carousell, has struck an investment deal with a consortium led by South Korean internet giant Naver as announced by the startup in a statement dated September 15, 2020
Following the deal, Carousell will be valued at over US$900 million which will inch the startup to a unicorn status. This is an elevation over the US$850 million valuation the startup achieved in November 2019, after it merged with rival 701Search, then a unit of Telenor.
“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,” said Quek Siu Rui, Co-founder and CEO of Carousell.
“Carousell has built a tremendous platform enabling people in the region to transact more effectively and efficiently. We believe its efforts to focus on the products and the community will be further consolidating its market leader position. We highly look forward to working closely with Carousell,” said Jung An Lee, Head of Investments at Naver.