Carousell Is A Sign of Singapore’s Future Startup Culture

Carousell is focused on aiding Southeast Asian sellers to sell items peer-to-peer quickly without much trouble. While the idea is not quite fresh for the region, the startup business has closed about $35m in profit for one series.

Analysts see Carousell as one of the newest in Singapore’s bustling startup economy. For five years the company had endured. After Rakuten Ventures invested in the company with backing from Sequoia and Golden Gate Ventures, the company continued to increase in profits for its Series B. Currently, it is planning to raise about $50 million from its investors for the new round.

The app started out in Singapore as “a passion project to solve our own problems,” Quek said in an interview with TechCrunch. The simplest way to describe Carousell is a Craiglists for mobile via its iOS and Android apps. It uses a chat-style interface with photo uploading options to connect consumers who are interesting in buying-selling items together. The onus is on the individuals to arrange the sale and payment, since, right now, Carousell does not make money from its service.

Today, Carousell spans five countries — Singapore, Hong Kong, Taiwan, Malaysia and Indonesia — with plans to increase that footprint further. That may also include a foray outside of its existing focus on Southeast Asia, Quek said.

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