SINGAPORE (THE BUSINESS TIMES) - A consortium led by South Korean Internet giant Naver has struck an investment deal with classifieds platform Carousell worth US$80 million (S$108.9 million), the Singapore-headquartered start-up announced on Tuesday (Sept 15).

Following the deal, Carousell will be valued at more than US$900 million. This is a step up from the valuation of over US$850 million the start-up achieved back in November 2019, 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.

He 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".

He added: "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."

Credit Suisse acted as the exclusive financial adviser to Carousell for the transaction.