South-East Asia's favourite buying and selling app looks to be getting a whole lot bigger and better.
When looking to invest in a company, a potential partner might ask themselves what said company have done since their last round of funding. And if Rakuten Ventures and EDBI or Sequoia India or DBS asked themselves this before Carousell's latest round, the answer would have been simple. In the past two years, Carousell has quadrupled in volume globally to now feature more than 144 million listings and 50 million sold items. It has also expanded its offering in Singapore, one of its largest markets, to include cars, property, jobs, services and finance.
No wonder then that the recent round of funding raised a staggering US $85 Million. And with the user base and categories growing on a daily basis, the funding couldn't have come at a better time, with the brand saying that the recent round will be put towards product innovation and realising categories with AI technology.
“In the past 6 years, we’ve gathered a lot more data, feedback and learnings about the problems and friction people face when buying and selling online. We are laser focused on solving these problems with technology and catering to local cultural norms and behaviours in Southeast Asia, while ultimately serving our core mission of inspiring everyone in the world to start selling,” said Siu Rui Quek, Carousell Co-founder and CEO. “The investment will enable us to continue building up our teams with top tier talent to accelerate our development of highly anticipated features, and more AI and machine learning capabilities. We are grateful for the support of our new and existing investors, and their strong validation of our team’s execution capabilities, passion for the mission and product vision.”