JAKARTA (TheInsiderStories) – Singapore-based e-commerce company Carousell has announced the closing of an US$85-million Series C funding round led by Rakuten Ventures and EDBI.
Carousell CEO Aaron Tan said the additional capital will be spent on business development in Indonesia, Thailand and Singapore, aim to boost its coffers on fast-growing classifieds app and innovates in spaces like artificial intelligence.
“Our Series C round is the largest raised in the classifieds space regionally,” Carousell co-founder and CEO Siu Rui Quek.
Carousell is a consumer-to-consumer (C2C) e-commerce, which was established on May 14, 2012. The platform has helped vendors sell more than 50 million items and is used by 144 million users.
“We’re actively looking to expand our expertise in areas of data science, machine learning and many other emerging fields. We believe AI will greatly improve the overall classifieds experience for our users. We’ve already begun leveraging AI and machine learning to bring greater value to consumer lives, with several product updates rolled out last year” he said.
After launching in 2012, Carousell now operates in seven markets across Asia, with more than 144 million listings ranging from cars to electronic gadgets.
In Indonesia, Carousell, known as a used-for-sale trading platform, has about 8.8 million listings, with an average of about 100 pre-loved items being registered to the platform in a minute. Of the total number of users in Carousell are mostly individuals and only a few shopkeepers who sell used goods take advantage of Carousell.
Last 2016, the company raised $35 million for its Series B funding, which was one of the largest reported Series B amounts raised by a startup in the city-state at the time. The new round of funding brings the company’s total funding to about $126.8 million. It had raised $6 million and $600,000 for its Series A and seed funding respectively.
The funding will be seen as a much-needed ammunition, given a large amount of money has been injected of late into some of Carousell’s regional competitors.
Most notably Lazada snagged another $2 billion from Alibaba this year, bringing the Chinese giant’s investment in the Southeast Asian company to $4 billion.
Written by Elisa Valenta, email: firstname.lastname@example.org