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.
