Carousell (company)

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Carousell Pte. Ltd.
Private
Industry E-commerce
Founded May 14, 2012
Headquarters Singapore
Area served
Southeast Asia, Taiwan, Hong Kong
Key people
Quek Siu Rui, Lucas Ngoo, Marcus Tan
Number of employees
Over 900
Website https://carousell.com

Carousell is a smartphone and web-based consumer to consumer marketplace for buying and selling new and secondhand goods. It is headquartered in Singapore. Carousell operates within Singapore, Malaysia, Indonesia, Taiwan, Hong Kong, and Australia.[1] Carousell is currently available as a mobile app for both Apple and Android devices.[2]

History[edit]

Carousell was founded in Singapore on May 14, 2012, by co-founders Quek Siu Rui, Lucas Ngoo, and Marcus Tan, all graduates of Ngee Ann Polytechnic[3] The first item sold on Carousell was an Amazon Kindle e-reader for S$75.[4] Carousell was subsequently registered as Carousell Pte. Ltd. on Jan 2, 2013.[5]

Carousell received its first investment from Quest Ventures.[6] In November 2013, Rakuten, with follow-on investments by Golden Gate Ventures, 500 Startups, and a few other investors invested $1 million in Carousell.[7][8] Subsequently, in November 2014, Carousell announced that it received US$6 million in investment from Sequoia India.[9] In August 2016, Carousell raised $35 million in their Series B funding round by Rakuten Ventures, Sequoia India, Golden Gate Ventures, and 500 Startups.[10][11]

As of 2016, over 23 million items had been sold on Carousell and users had created over 57 million listings of new and used items for sale.[12]

Carousell has expanded regionally to seven countries, including Australia, Hong Kong, Malaysia, Indonesia, and Taiwan.[10] However, Carousell's expansion into Taiwan faces competition against headstart companies like Yahoo! and Ruten, which are already settled in the e-commerce market.[13]

The company raised $85 million Series C funding in May 2018. The round was co-led by existing investor Rakuten Ventures and EDBI. Other participants included 500 Startups, Golden Gate Ventures and Sequoia India as well as new investor DBS.[14]

Partnerships and collaborations[edit]

In January 2013, Singapore Press Holdings' ST Classifieds announced its collaboration with Carousell.[15]

According to a Yahoo Finance article in August 2013, Carousell announced its partnership with Singapore Press Holdings (SPH) Magazines, a subsidiary of SPH, to create a mobile app called SheShops Marketplace, selling fashion and beauty items.[16][17]

Operation[edit]

Carousell is an online mobile platform for consumers to buy or sell items. It lists and sells a variety of products. Items are prohibited for sale on Carousell if they are illegal or they violate the marketplace's community guidelines.[18]

Criticism[edit]

In a Yahoo Tumblr page, images of users posting photos or screenshots of their bad experiences they encounter on Carousell relating to scam, fraud and harassment have circulated on social media platforms like Facebook and Tumblr.[19] Users of Carousell have also complained about cases of scams by fake sellers.[citation needed]

References[edit]

  1. ^ "Mobile Marketplace Carousell Raises $6M Series A Led By Sequoia Capital". Techcrunch. Retrieved 14 April 2015.
  2. ^ "Carousell". iTunes. Retrieved 14 April 2015.
  3. ^ Yap, Jacky (27 November 2014). "Singapore Marketplace App Carousell Saw 8 Times More Listings, Raises $6 Million In Investment!". Vulcan Post. Archived from the original on 18 December 2016. Retrieved 18 December 2016.
  4. ^ "Carousell makes e-commerce simpler with mobile marketplace". e27. Retrieved 10 April 2015.
  5. ^ "CAROUSELL PTE. LTD. (201300296D) - Singapore Business Directory". SGPBusiness.com. Retrieved 4 October 2017.
  6. ^ Chan, Melissa (2017-03-06). "S'pore Startup Founders Talk About Their First Investors, And The Meetings That Started It All". Vulcan Post. Retrieved 2018-04-25.
  7. ^ "Singapore's Carousell raises $6M, gets Sequoia as new investor, squashes competition". techinasia. techinasia. Retrieved 14 April 2015.
  8. ^ "Singaporean marketplace app Carousell snags $800K funding, sets sights on Malaysia and Indonesia". Techinasia. Retrieved 14 April 2015.
  9. ^ Today, Online. "Carousell secures S$7.79 million in funding". Today Online. Today Papers. Retrieved 14 April 2015.
  10. ^ a b "Carousell Caps Off A Successful 2016 With Australian Expansion, Raking In 1M Listings In 9 Months!". Vulcan Post. Retrieved 6 June 2017.
  11. ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2017-11-21.
  12. ^ "Carousell has a new app for buying and selling cars". Tech In Asia. Retrieved 6 June 2017.
  13. ^ "Carousell's entry into Taiwan presents big opportunities and big challenges". TechinAsia. Retrieved 10 April 2015.
  14. ^ "Southeast Asia-based mobile listings startup Carousell raises $85M – TechCrunch". techcrunch.com. Retrieved 2018-05-14.
  15. ^ "STClassifieds collaborates with Carousell to strengthen foothold with the Gen Y users". ST Classifieds. Retrieved 15 April 2015.
  16. ^ "Carousell partners with Blu Inc Media". asiaone news. Straits Times. Retrieved 14 April 2015.
  17. ^ "Carousell partners with SPH Magazines, marries editorial and e-commerce". Yahoo! Finance. Retrieved 15 April 2015.
  18. ^ "Prohibited items on Carousell". Carousell Help. Retrieved 7 April 2015.
  19. ^ "'Bro, still avail?' Wacky conversations on the Carousell app compiled in Tumblr blog". Yahoosg! Tumblr. Retrieved 15 April 2015.

External links[edit]