Singaporean m-commerce platform Carousell has raised US$56 million from Naspers, the parent company of the Philippines’ online marketplace OLX.

As part of the deal, Carousell will also acquire OLX Philippines, with the transaction due to be completed by the second half of this year.

OLX Group will own a 10 per cent stake in Carousell, and values the company at “over US$550 million,” the firm says.

The merger will give Carousell a boost in the Philippines and across Southeast Asia.

Currently featuring 196 million listings Carousell has sold some 71 million items since it was founded in 2012. The company says it wants to continue improving predictive features like smart listings, personalised browsing, chat experiences and price-suggestion functions.

The firm has raised approximately $170 million to date, and expects a valuation of $1 billion, in the near future.

Carousell operates in Malaysia, Indonesia, the Philippines, Hong Kong, and Taiwan.