Carousell's new deal will help boost presence in region: CEO

Carousell co-founder and CEO Quek Siu Rui says the US$56 million deal with OLX Group, owned by Internet firm and technology investor Naspers, includes buying online classifieds site OLX Philippines, and will boost Carousell's presence in the region's
Carousell co-founder and CEO Quek Siu Rui says the US$56 million deal with OLX Group, owned by Internet firm and technology investor Naspers, includes buying online classifieds site OLX Philippines, and will boost Carousell's presence in the region's classifieds space.ST PHOTO: YEN MENG JIIN

Carousell's latest deal will boost its presence in the region's classifieds space, said its co-founder and chief executive Quek Siu Rui after the home-grown online marketplace announced that it has gained a new shareholder on Wednesday.

OLX Group, a classifieds company owned by South Africa-headquartered Internet firm and technology investor Naspers, took an approximate 10 per cent stake in Carousell.

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A version of this article appeared in the print edition of The Straits Times on April 12, 2019, with the headline 'Carousell's new deal will help boost presence in region: CEO'. Print Edition | Subscribe