South Korean online platform Naver has invested in Singaporean classified-ad service Carousell.

The US$80 million investment was made by a consortium led by the firm that includes other Korean investment businesses Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities. 

The completed transaction will elevate Carousell’s value above $900 million and reflects the increased importance of e-commerce in the region, especially following the influence of the coronavirus pandemic.

“The last six months have been challenging for all,” said Carousell co-founder and CEO Quek Siu Rui. “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.”

Naver’s technologies will be of service to Carousell’s focus on making online trading simpler and more effective, personalising search and recommendations for millions of listings and users.