Carousell to surpass $1.2b valuation with Naver investment

A consortium led by South Korean Internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million (S$109 million). Following the deal, the Singapore-headquartered start-up will be valued at over US$900 million (S$1.2 billion), it said on Tuesday.

This is a step up from the valuation of over US$850 million it achieved back in November last year, after a merger with rival 701Search, then a unit of Telenor.

Carousell co-founder and chief executive Quek Siu Rui said that Naver's investment is a "vote of confidence" for the company. Carousell did not disclose whether the investment comprised equity, debt or both.

Mr Quek said: "We are excited to work closely with Naver, a leader in mobile services and has industry-leading credentials in advanced technologies, as we continue our focus on using technology to make selling and buying even simpler, effective and more inspiring."

Mr Jung An Lee, head of investments at Naver, said that Carousell has "built a tremendous platform enabling people in the region to transact more effectively and efficiently".

"We believe its efforts to focus on the products and the community will be further consolidating its market leader position. We highly look forward to working closely with Carousell," he added.

Credit Suisse was the exclusive financial adviser to Carousell for the transaction.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on September 17, 2020, with the headline 'Carousell to surpass $1.2b valuation with Naver investment'. Print Edition | Subscribe