Home Startups Startups News Carousell raises US$56M from Naspers' classifieds giant OLX

Carousell raises US$56M from Naspers’ classifieds giant OLX

Posted on

- Advertisement -

Classified giant OLX Group has taken an approximate 10 percent stake in Carousell in a deal worth US$56 million. The new investment values the company at over US$550 million.

OLX Group is owned by Naspers, one of the world’s top technology investment firms whose notable portfolio includes being one of the first investors into Tencent. This move by OLX is also the first investment by Naspers in a Singapore startup.

Carousell has confirmed this investment after TechCrunch broke the news of talks between the two sides last year. Adding on to this, as part of the deal, Carousell has acquired the Philippines operations of OLX Group and will integrate it into the Carousell’s brand by the second half of 2019. OLX Philippines being the largest online classifieds site in the country, with more than 6 million monthly unique users will make the Singapore-based startup the largest mobile classifieds marketplace in Southeast Asia.

With this new investment, Carousell will be able to accelerate its growth in Southeast Asia and their pace of innovation. The startup also plans to deepen their expertise in technology and AI to bring higher value, trust, and convenience to its users.

Since its inception, Carousell has had over 196 million listings with more than 71 million items sold on its platform. It currently operates in seven markets, including Singapore, Hong Kong, and Australia.

Felicia Calle
Felicia Calle
Australia | Felicia's fascination with tech began in the 90s, and she loves to update readers on the best tech deals on the internet. When she’s not writing, you’ll find her travelling around the world.

FEATURED READ

Event Management Software Showdown: Cvent vs. Eventbrite vs. GEVME

As an event organizer, there is a need to be good at juggling multiple tasks under the pressure of time, while ensuring that the...

 Submit a Story

Do you have a story to share? We will help you inspire, connect, and celebrate with our thoughtfully vibrant community. Click here to find out more!

 Latest Stories

The complete guide to buying air-con in Singapore [Infographic]

Battling the hot and humid weather in Singapore without the aid of air-con can be brutal. Air-conditioning accounts for up to...

140 interesting digital marketing statistics for 2019

Digital marketing is evolving at an explosive rate, making it more difficult for businesses to keep up with the latest industry...

US e-scooter startup Lime picks Singapore as regional HQ

The island city-state will be the headquarters of the US startup, Lime, for its Asia-Pacific expansion plan, with the central business...

Malaysian fintech startup raised pre-series A investment

MoneyMatch announced that it had raised an undisclosed amount in pre-Series A funding led by Cradle Seed Ventures.

Disney+ streaming service launches on 12 November for US$6.99 per month

Disney confirmed on Thursday that its streaming service, Disney+, will launch on 12 November for US$6.99 a month or US$69.99 per...