Carousell Group, which includes C2C marketplace Carousell, Vietnam’s Chotot and Malaysia’s Mudah, secured $100 million in a funding round led by South Korean private equity firm STIC, bringing its valuation to $1.1 billion, Inside Retail reports.
The investment will be used to ramp up Carousell’s expansion across Southeast Asia. It is currently active in eight markets across the region, as well as Taiwan and Hong Kong.
Though shoppers can buy and sell new products on the group’s platforms, much of Carousell’s focus is on secondhand goods, from fashion to electronics and automobiles.
“Our goal is to make transacting in a secondhand marketplace as convenient and trusted as any e-commerce platform so that secondhand can truly be the first choice,” co-founder and CEO, Quek Siu Rui, told Inside Retail.