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Southeast Asia’s Carousell snags investment from Naspers-owned OLX

It’s taken some time to come around, but Naspers — the early Tencent investor that’s also behind the world’s top listings service — finally has a piece of Southeast Asia’s Carousell. TechCrunch broke news of talks between the two sides last year, and today Tech In Asia reported that Naspers-owned OLX Group has put $42 million into Carousell.
In addition, it appears that the deal includes the transfer of the OLX Philippines business to Carousell, according to a report from Deal Street Asia which cites a source close to the investment.
Carousell is a mobile-first peer-to-peer selling app that operates across Singapore, Malaysia, Indonesia, Taiwan, Hong Kong, and Australia. Founded by three graduates of the National University of Singapore, its listing business has expanded into automotive and real estate, which it monetizes whilst keeping the core service free.
The deal gives Singapore-based Carousell a valuation of $365 million, according to a company filing that Tech In Asia gained access to. The publication reported that OLX now owns 11.5 percent of Carousell — that would make it the startup’s third-largest shareholder beyond existing backers Rakuten and Sequoia India, which own 29.6 percent and 15.1 percent, respectively.
Prior to this deal, Carousell had raised $126.8 million in funding. Its last round was a $85 million deal that closed in May 2018, although TechCrunch earlier broke news of the investment.
OLX, meanwhile, is the world’s biggest classifieds business. It is active across over 40 countries through a network of 17 entities. All combined, it claims to reach more than 350 million users each month. That makes it a very coveted investor for Carousell and, really, any company that sits in classifieds/listing space.
Southeast Asia’s Carousell snags investment from Naspers-owned OLX
OLX is the world’s largest operator of classifieds sites — its reach covers 350 million monthly users across 40 countries through 17 brands
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