tech news

Singapore’s Carousell snaps up rival 701Search as it seeks dominance in South-East Asia

Singapore-based cellular classifieds firm Carousell introduced on Nov 21 that it was merging with on-line classifieds firm 701Search in its bid to develop into the trade chief in South-East Asia.

The money and fairness settlement between Carousell and Telenor Group, which owned 701Search, will merge 701Search’s on-line marketplaces Mudah in Malaysia, Cho Tot in Vietnam and OneKyat in Myanmar with Carousell.

As a part of the deal, 701Search’s regional hub crew that operates in Singapore can be absolutely built-in into Carousell, whereas Mudah, Cho Tot and OneKyat will proceed to function underneath their respective names following the merger, in response to a Carousell press launch.

The merger brings Carousell’s worth as much as US$850mil (RM3.54bil), from US$560mil (RM2.33bil) earlier this 12 months. Norwegian telecommunications firm Telenor Group will personal 32% of the merged entity, making it the most important minority shareholder, Carousell stated within the assertion.

The merger comes simply months after a US$56mil (RM233.73mil) merger between Carousell and one other classifieds platform, OLX Philippines, in July.

“Our mission has remained the identical since day one. We wish to encourage each particular person on the earth to begin promoting and shopping for,” stated Quek Siu Rui, chief government of Carousell. “Merging with 701Search will enable us to additional this mission on an excellent larger scale and fortify our management in South-East Asia.”

Carousell, co-founded by Quek, Marcus Tan and Lucas Ngoo in Singapore, has develop into one of many nation’s most well-known startups. It’s extensively credited with pioneering the “snap, record, promote” cellular classifieds mannequin, which permits customers to record an merchandise on the market rapidly by snapping a photograph of it on their telephones.

The web market now operates in eight markets together with Singapore, Malaysia, Taiwan and Hong Kong, and has bought over 70 million objects since its inception over seven years in the past. It’s anticipated to herald over US$40mil (RM166.95mil) in income this 12 months and is worthwhile in two markets, the corporate stated, with out specifying which the worthwhile markets have been.

“This transaction presents a lovely alternative for us to take the subsequent step in our market journey, and it additionally simplifies Telenor’s portfolio,” stated Johan Rostoft, head of on-line classifieds at Telenor Group. “We imagine that Carousell is one of the best associate for our on-line classifieds enterprise in South-East Asia.” – South China Morning Publish

Article kind: free

Consumer entry standing: 3

Leave a Reply

Your email address will not be published. Required fields are marked *