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§ Private Profile · Singapore
Online mobile marketplace for recommerce, facilitating buying and selling used goods for individuals in Southeast Asia and beyond.
Carousell has raised $182.8M across 5 funding rounds.
Key people at Carousell.
Carousell has raised $182.8M in total across 5 funding rounds.
Carousell is a Singapore-based online mobile marketplace platform that facilitates the buying and selling of secondhand goods across Southeast Asia, Taiwan, Hong Kong, and other international markets. The recommerce company operates with a corporate workforce of between 1,001 and 2,000 employees and has achieved a historical business valuation exceeding $500 million. While primarily functioning through its iOS and Android applications, the platform recently expanded its digital classifieds model into physical retail by opening a luxury boutique for pre-owned items. Carousell has secured significant capital across multiple financing rounds, including a $6 million Series A, a $50 million Series B, and an $80 million investment led by Naver, with additional backing from Sequoia Capital, Rakuten Ventures, and 500 Startups. The enterprise was officially founded in 2012 by Quek Siu Rui, Lucas Ngoo, and Marcus Tan.
Key people at Carousell.
Carousell has raised $182.8M across 5 funding rounds. Most recently, it raised $56.0M Other Equity in April 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 10, 2019 | $56M Venture Round | Martin Scheepbouwer | — | Announced |
| May 1, 2018 | $85M Series C | EDBI, Rakuten Ventures | 500 Startups, Amasia, Beenext, Golden Gate Ventures, Pieter Kemps, Peak XV Partners (formerly Sequoia Capital India & SEA), George Godula, Geeks ON A Plane, DBS Bank, Peak XV Partners (Sequoia Capital India) | Announced |
| Jul 1, 2016 | $35M Series B | Rakuten Ventures | 500 Startups, Amasia, Beenext, Golden Gate Ventures, Pieter Kemps, Peak XV Partners (formerly Sequoia Capital India & SEA), George Godula | Announced |
| Nov 1, 2014 | $6M Series A | Shailendra J Singh | Amasia, AngelPad, Beenext, Citg Capital, Golden Gate Ventures, Pieter Kemps, Peak XV Partners (formerly Sequoia Capital India & SEA), George Godula, Darius Mahtani Cheung, 500 Startups, Rakuten Ventures | Announced |
| Nov 1, 2013 | $800K Seed | Saemin AHN | AngelPad, Citg Capital, Golden Gate Ventures, George Godula, Danny OEI Wirianto, Darius Mahtani Cheung, 500 Startups | Announced |
Carousell has raised $182.8M in total across 5 funding rounds.
Carousell's investors include Martin Scheepbouwer, EDBI, Rakuten Ventures, 500 Startups, Amasia, BEENEXT, Golden Gate Ventures, Pieter Kemps, Peak XV Partners (formerly Sequoia Capital India & SEA), George Godula, DBS Bank, Peak XV Partners (Sequoia Capital India).
Carousell is a Singapore-based e-commerce company operating as the leading multi-category marketplace for secondhand goods in Greater Southeast Asia, with a mission to make secondhand the first choice for everyone.[2][5][7] It builds a mobile-first platform that enables users to easily buy and sell pre-owned items across categories like cars, luxury goods, mobile phones, fashion, home & living, property, and services, serving tens of millions of monthly active users in markets including Singapore, Hong Kong, Malaysia, Indonesia, the Philippines, Taiwan, and Vietnam through brands such as Carousell, Cho Tot, Mudah.my, REFASH, and Laku6.[2][4][5][7] The platform solves the problem of cumbersome online marketplaces by simplifying listing to "snap, list, and sell," while its omnichannel recommerce model offers convenient buying, selling, or consigning via trusted partners, driving growth through regional expansion and acquisitions like OLX Philippines in 2019.[2][5][6]
Carousell was founded on May 14, 2012 (with some sources noting August 2012), by three friends from the National University of Singapore (NUS): Quek Siu Rui, Lucas Ngoo, and Marcus Tan, who brought experiences from Stanford University and Silicon Valley.[1][2][3][5] The idea emerged from their frustration with inefficient existing marketplaces for selling unused personal items, leading to a mobile app that made listing as simple as taking a photo; they secured a $7,000 grant from an initially skeptical NUS professor and won Startup Weekend Singapore in March 2012 after selling their first item—an Amazon Kindle for S$75.[1][3][5] Early traction built momentum: the iOS app launched in August 2012, followed by regional expansion, key funding like $35 million in Series B (2016) from Rakuten and others, and a $80 million investment valuing it over $900 million, evolving from a simple classifieds app to a recommerce group with acquisitions like Caarly (2016) and OLX Philippines (2019).[5]
Carousell rides the global recommerce and circular economy trend, capitalizing on rising consumer demand for sustainable, affordable secondhand goods amid economic pressures and environmental awareness in fast-growing SEA markets.[2][6][7] Timing aligns with mobile penetration in the region—its 2012 launch predated widespread app-based marketplaces—while market forces like urbanization, e-commerce boom post-COVID, and competition from giants like Shopee favor its niche in trusted peer-to-peer and verified recommerce.[5] It influences the ecosystem by normalizing secondhand as "first choice," inspiring millions to buy/sell for possibilities beyond transactions, and through acquisitions/expansions that consolidate fragmented classifieds markets in places like Taiwan and Indonesia.[1][4][5]
Carousell is poised to deepen recommerce dominance in SEA by integrating AI for smarter listings and expanding omnichannel brands amid sustainability mandates and Gen Z thrift preferences.[6] Trends like economic volatility and green consumerism will accelerate growth, potentially through more partnerships or IPO pursuits, evolving its influence from regional disruptor to global circular economy leader—transforming how millions "snap, list, and sell" to unlock new possibilities.[2][4][7]
