SINGAPORE - Singapore-based online marketplace Carousell is merging with Telenor Group’s online classified website 701Search.
The merger, according to an official statement, will bring Carousell’s valuation to over US$ 850 million, with Telenor becoming the single largest minority shareholder in the marketplace with a 32% stake.
According to Carousell co-founder and CEO Quek Siu Rui, the corporate action will allow the startup to scale further and reinforce its position in Southeast Asian markets.
“I am excited to work with our new teammates to learn about the dynamics of these local markets, create win-win opportunities that are mutually beneficial for our community of users, and inspire even more people to start selling and buying,” said Mr Quek as quoted by DealStreet Asia, Thursday (21/11). (MS)