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Carousell Group raises US$100 million to hasten Southeast Asian expansion

Carousell Group has secured US$100 million during its round of funding led by South Korean private equity STIC Investments.

The fund, which brings Carousell’s valuation to US$1.1 billion, will be used to accelerate its expansion plan in Southeast Asia, allowing the group to “redefine commerce for secondhand goods and automobiles in an increasingly digitally savvy, affluent and sustainability-conscious region”.

“The pandemic has shown us that our mission to inspire the world to start selling and buying secondhand is more relevant than ever,” said Quek Siu Rui, co-founder and CEO of Carousell.

“STIC’s investment is a validation of our mission and strategic direction. We’ll deepen our investments in recommerce across more categories and markets, and will continue to seek opportunistic acquisitions in scaling up.”

Founded in 2012, Carousell is a Singaporean consumer marketplace for buying and selling new and secondhand goods. The group has a presence in eight markets in Southeast Asia under the brands Carousell, Mudah.my, Cho Tot and OneKyat.

“We have grown way beyond categories like fashion, electronics and general goods,” said Siu Rui.

“We are looking at authentication capabilities for higher-value products, including luxury goods and cars.

“Our goal is to make transacting in a secondhand marketplace as convenient and trusted as any e-commerce platform so that secondhand can truly be the first choice.“

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