Carousell Revenue, Valuation, Funding & Investors
Carousell is valued at $1.1B as of November 2021, a 22.0x multiple on its last reported $50M revenue.
Last Carousell valuation
$1.1B
Undisclosed stage · Nov 2021
Last Carousell funding round
$3M
Seed · Sep 2023
Carousell revenue
$50M
Undisclosed stage · Nov 2021
Key investors in Carousell
500 Global
Golden Gate Ventures
Rakuten Capital
Peak XV Partners
Rakuten
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Darius Cheung
About Carousell
Carousell is a Singapore-headquartered classifieds platform enabling users to buy and sell second-hand goods via mobile app across fashion, electronics, cars, and home categories. Available in seven countries including Singapore, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, and Italy, it processes millions of listings monthly. Ranked number one shopping app in multiple markets, Carousell launched in August 2012 and expanded to 19 cities worldwide. Backed by Sequoia Capital, Rakuten Ventures, 500 Global, Golden Gate Ventures, and Quest Ventures, the platform features in-app chat, safe payment options, and seller tools for seamless transactions.
Founded
2012
HQ
SingaporeWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Advertising
Revenue
$50M (Nov 2021)
Valuation
$1.1B (Nov 2021)
Carousell Valuation
Carousell is currently valued at $1.1B, based on its undisclosed-stage round in November 2021.
The $10M round was led by Heliconia Capital Management.
Carousell's valuation has grown 2.0x from $560M at its strategic investment round in April 2019 to $1.1B in November 2021, across 4 priced rounds.
Carousell valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2021 | Undisclosed stage | $1.1B | 22.0x |
| Sep 2021 | Undisclosed stage | $1.1B | - |
| Sep 2020 | Series D | $900M | 7.6x |
| Apr 2019 | Strategic investment | $560M | - |
Carousell Revenue
Carousell's latest recorded revenue is $50M, as of its undisclosed-stage round in November 2021. At a $1.1B valuation, that implies a 22.0x revenue multiple.
Revenue moved from $119M in September 2020 to $50M in November 2021, while the revenue multiple moved from 7.6x to 22.0x.
Carousell revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2021 | $50M | $1.1B | 22.0x | Undisclosed stage |
| Sep 2020 | $119M | $900M | 7.6x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Carousell Funding History
Carousell has raised a total of $376M across 9 funding rounds.
Carousell's first fundraising round was a $800K seed round in November 2013. The most recent completed round was a $3M seed round in September 2023.
Carousell funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2023 | Seed | Goto Gojek Tokopedia (lead) | $3M | - | Carousell Pte Ltd received $2.8 million in a funding round from PT GoTo Gojek Tokopedia Tbk on September 4, 2023. |
| Nov 2021 | Undisclosed stage | Heliconia Capital Management (lead) | $10M | $1.1B | Carousell is a Singapore-based classifieds platform focused on secondhand marketplace and recommerce. In November 2021, Temasek unit Heliconia Capital Management invested US$10 million by purchasing over 577,000 shares at US$17.30 each via Orchid 3 Investments VCC. This investment occurred at the same US$1.1 billion valuation as Carousell's prior US$100 million funding round in September 2021 led by STIC, which elevated the company to unicorn status from a previous US$900 million valuation. The share price matched the September round, confirming the consistent US$1.1 billion post-money valuation for Heliconia's participation. Carousell was reportedly considering a US public listing via SPAC merger, targeting an exit for investors by 2024 at a valuation of at least US$1.13 billion. Total funding raised by Carousell reached US$372.8 million as of the November 2021 round. |
| Sep 2021 | Undisclosed stage | STIC Investments (lead) | $100M | $1.1B | Carousell Group, a Singapore-headquartered classifieds marketplace founded in 2012, operates as a mobile-first platform for buying and selling new and secondhand goods across eight markets in Greater Southeast Asia under brands like Carousell, Mudah.my, Cho Tot, and OneKyat. The company specializes in recommerce, focusing on categories such as fashion, electronics, general goods, luxury items, and automobiles, with features enhancing trust, convenience, and authentication for higher-value products. It serves tens of millions of users, recording over 8 million listings, with millennials comprising 70% of visitors and one-third of revenue from second-hand vehicles. On September 15, 2021, Carousell raised US$100 million in a funding round led by Korean private equity firm STIC Investments, achieving unicorn status with a post-money valuation of US$1.1 billion. This marked an increase from its prior US$900 million valuation after a US$80 million round led by Naver in 2020. STIC, managing circa US$5 billion in assets, took a significant stake, with Managing Director Jason Cho joining the board. Previous investors include Telenor Group, Rakuten Ventures, Naver, Mirae Asset-Naver Asia Growth Fund, NH Investment & Securities, and Sequoia Capital India. The funds are earmarked to accelerate Classifieds 4.0 ambitions, deepening investments in recommerce across more categories and markets, enhancing user experience, and pursuing opportunistic acquisitions amid rising digital adoption, affluence, and sustainability consciousness in the region. CEO Quek Siu Rui emphasized doubling down on convenience and trust to drive step-change growth, positioning secondhand as the first choice comparable to e-commerce platforms. The round underscores investor confidence in Carousell's leadership in Southeast Asia's growing circular economy. |
| Sep 2020 | Series D | NAVER (lead); NH Investment & Securities; Mirae Asset-Naver Asia Growth Fund | $80M | $900M | Carousell is a leading classifieds marketplace in Southeast Asia, enabling users to buy and sell new and preloved items across categories like furniture, electronics, fashion, and vehicles. Founded in 2012 in Singapore, it operates in eight countries including Malaysia, Vietnam, Philippines, Taiwan, and Hong Kong, with over 250 million listings. The platform emphasizes community features, personalized search, fraud prevention, and simplified selling through AI-driven recommendations, positioning itself as Classifieds 4.0 to make second-hand shopping a first choice. On September 15, 2020, Carousell raised US$80 million from a consortium led by NAVER, with participation from Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities. This funding valued the company at over US$900 million post-money, achieving unicorn status. Credit Suisse served as the exclusive financial advisor. The investment builds on prior rounds, including $56 million from OLX Group in 2019 and $85 million Series C in 2018 co-led by Rakuten Ventures and EDBI, bringing total funding to over $260 million. The capital supports Carousell's growth amid accelerated e-commerce adoption during the COVID-19 pandemic, focusing on technology enhancements for marketplace quality, personalization, and user experience. NAVER's involvement provides strategic expertise in mobile services and advanced technologies. Carousell also launched initiatives like free ads for non-profits and partnerships with government agencies to aid small businesses' digitization. Leaders from both companies expressed optimism: Carousell's Quek Siu Rui highlighted NAVER's confidence in its mission, while NAVER's Jung An Lee praised Carousell's platform for efficient regional transactions and market leadership potential. |
| Apr 2019 | Strategic investment | Pobts (lead) | $56M | $560M | Carousell, a Singapore-based classifieds platform operating in nine Asian countries and Canada, focuses on recommerce for secondhand goods and automobiles. |
| May 2018 | Series C | EDBI (lead); Rakuten Capital (lead); DBS Bank; Golden Gate Ventures; Peak XV Partners; 500 Global | $85M | - | Carousell is a Southeast Asia-based mobile marketplace platform focused on consumer-to-consumer sales, allowing users to sell unwanted items, with expansions into verticals like cars, property, jobs, services, and finance. In May 2018, it raised $85 million in a funding round from investors including 500 Global, DBS Bank, EDBI, Golden Gate Ventures, Peak XV Partners, and Rakuten Capital, with EDBI and Rakuten Capital as leads, bringing total funding to over $126 million following a $35 million Series B in 2016. The platform had facilitated over 50 million item sales and hosted 144 million listings at the time. Carousell began monetizing through advertising, partnerships in financial services and travel insurance, promoted listings, spotlight ads, cost-per-click ads, and premium verticals like automotive and real estate, while keeping core C2C free. The company does not emphasize GMV, reported around $5 billion by sources, as it does not process payments for C2C transactions and relies on advertising and services for income. For FY2018, Carousell quadrupled revenue to $7 million from $1.73 million in FY2017, though it remained unprofitable with a net loss. |
| Aug 2016 | Series B | Rakuten (lead); Rakuten Capital; Golden Gate Ventures; Peak XV Partners; 500 Global | $35M | - | Carousell, a Singapore-based mobile classifieds marketplace for buying and selling new and preloved goods, secured US$35 million in Series B funding in August 2016, led by Rakuten Ventures with participation from Sequoia India (now Peak XV Partners), Golden Gate Ventures, and 500 Startups. The funds were earmarked to accelerate expansion into new markets, bolster product and engineering teams, and support global growth ambitions. This round brought total funding raised to over $40 million at the time. Following the investment, Carousell expanded into markets like the Philippines, where it saw 110% month-over-month growth in listings and 240% growth, reaching over half a million transactions, and launched in Australia by late 2016 with over 1 million listings by September. In October 2016, shortly after the funding, Carousell acquired Singapore-based car classifieds startup Caarly to strengthen its position in high-value verticals like automotive, aiming to become the world's number one classifieds marketplace. The acquisition included Caarly's products and 11 staff, enabling better car listings and dealer relationships, particularly targeting users over 25 in Singapore with higher purchasing power. Carousell also hired former Komli Media CFO Rakesh Malani as its first CFO to drive monetization efforts starting in early 2017, as the platform had not yet generated revenue and relied solely on investor funding. An earlier acquihire of safety app WatchOverMe occurred in September 2016. By late 2016, Carousell operated in six countries including Singapore, Hong Kong, Taiwan, Malaysia, Philippines, and Indonesia, handling 41 million listings and 19 million transactions across these markets. Singapore served as its most mature market for testing initiatives like automotive growth. |
| Nov 2014 | Series A | Peak XV Partners (lead); Rakuten Capital; Darius Cheung; Rakuten; Golden Gate Ventures; 500 Global | $6M | - | Carousell raised $6 million in a Series A funding round on November 26, 2014, led by Sequoia Capital (now Peak XV Partners). Existing investors Rakuten Ventures, Golden Gate Ventures, 500 Startups, and Darius Cheung also participated, bringing the company's total funding to $6.8 million. The Singapore-based mobile marketplace enables users to upload and sell items easily via smartphone app. At the time, Carousell had expanded with tens of thousands of products listed and sold daily across categories without significant marketing. The company planned to hire growth and web engineers for expansion into Indonesia, Malaysia, and Taiwan. Monetization strategies under exploration included premium features for sellers like extra photos and management tools, targeting both individual users and small businesses. |
| Nov 2013 | Seed | Danny Oei Wirianto; Rakuten Capital; Darius Cheung; Rakuten; Golden Gate Ventures; 500 Global | $800K | - | - |
Who has invested in Carousell?
16 investors have backed Carousell across its funding rounds, including 500 Global, Golden Gate Ventures, Rakuten Capital, Peak XV Partners, Rakuten and Darius Cheung.
Lead investors include Goto Gojek Tokopedia, Heliconia Capital Management, STIC Investments, NAVER, Pobts and 4 other investors.
Carousell Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 4 | Lead | Nov 2013 | |
| Singapore | 4 | Participant | Nov 2013 | |
 San Francisco, CA | 4 | Participant | Nov 2013 | |
| Tokyo | 3 | Lead | Nov 2013 | |
 Bangalore | 3 | Lead | Nov 2014 | |
| Darius Cheung | Singapore | 2 | Participant | Nov 2013 |
 Seoul | 1 | Lead | Sep 2021 | |
| Singapore | 1 | Lead | Nov 2021 | |
| Danny Oei Wirianto | Chicago, IL | 1 | Participant | Nov 2013 |
| Singapore | 1 | Participant | May 2018 | |
| Seoul | 1 | Participant | Sep 2020 | |
| Singapore | 1 | Lead | May 2018 | |
 Jakarta | 1 | Lead | Sep 2023 | |
This data is available for Pro users. Sign up to see all 16 Carousell investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Carousell
Carousell has acquired 9 companies to date.
Last acquisition by Carousell was on April 2nd 2024. Carousell acquired LuxLexicon for $2M.
Latest Acquisitions by Carousell
| Description | LuxLexicon is a San Francisco-based online platform connecting luxury handbag resellers with authenticated consignments from brands like Chanel, Louis Vuitton, and Gucci. Sellers list items with professional photography and condition reports, while buyers access verified stock via auctions and fixed-price sales. Launched in 2015, LuxLexicon partners with authentication services and ships globally, focusing on the secondary market for high-end accessories. | Laku6 is a Jakarta-based recommerce platform that enables Indonesia's emerging middle class to buy and upgrade pre-owned smartphones through affordable financing options. It sources, refurbishes, and sells devices via an online marketplace combined with installment plans tailored to consumer credit profiles. | Refash is a Singapore-based omnichannel retailer specializing in fashion recommerce. It facilitates the buying and selling of pre-loved clothing through physical stores and an online marketplace, promoting circular fashion in Southeast Asia. | Ox Street is a Singapore-based online marketplace dedicated to trading limited-edition sneakers, watches, handbags, and streetwear across Southeast Asia. It facilitates connections between buyers and sellers for brands such as Yeezy, Off-White, Supreme, and Louis Vuitton. The platform streamlines purchases by minimizing shipping delays from weeks to faster regional delivery and incorporates authentication processes to combat counterfeit products. Operating primarily in countries including Indonesia, Malaysia, Philippines, Thailand, and Vietnam, Ox Street positions itself at the intersection of local Southeast Asian influences, East Asian trends, and Western street culture. | |
| HQ Country | | | | | |
| HQ City | Singapore | Jakarta | Singapore | Singapore | |
| Deal Date | 2 Apr 2024 | 26 Jul 2022 | 9 May 2022 | 18 Oct 2021 | |
| Valuation | $2M | $25M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Carousell acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Carousell Competitors
Carousell competitors include listed companies like Baltic Classifieds Group and Vend Marketplaces, and private ones like OfferUp, Zhuanzhuan, Quikr and Ganji.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Lithuania | Publicly listed | $102M | $79M | $1.1B | 10.9x | |
| Seattle, WA | Private | - | - | $1B | - | |
 Beijing | Private | - | - | $1B | - | |
| Bangalore | Private | $10M | - | $900M | - | |
| Beijing | Private | - | - | $1.6B | - | |
 Norway | Publicly listed | $673M | $19M | $5.1B | 7.1x |
Carousell Public Comps
Carousell is still privately-owned, but its public comps include Yelp, Baltic Classifieds Group, Upwork, The RealReal, BuySell Technologies, LegalZoom, Grupa Pracuj, QuinStreet, SMZDM.com and Ibotta.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.5B | $251M | 0.8x | 0.8x | 4.5x | 3.4x | |||
| $102M | $79M | 11.2x | 10.9x | 14.5x | 14.1x | |||
| $788M | $180M | 1.0x | 1.1x | 4.6x | 3.6x | |||
| $693M | $15M | 2.2x | 2.0x | 99.6x | 24.6x | |||
| $647M | $70M | 1.8x | 1.4x | 16.2x | 11.8x | |||
| $756M | $74M | 1.2x | 1.1x | 12.1x | 4.8x | |||
| $214M | $95M | 4.6x | 4.4x | 10.3x | 9.7x | |||
| $1.3B | $61M | 0.7x | 0.7x | 15.8x | 7.9x | |||
This data is available for Pro users. Sign up to see all Carousell competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Carousell
| When was Carousell founded? | Carousell was founded in 2012. |
| Where is Carousell headquartered? | Carousell is headquartered in Singapore, Singapore. |
| Is Carousell publicly listed? | No, Carousell is a private, VC-backed company. |
| What is Carousell's valuation? | Carousell was last valued at $1.1B in its undisclosed-stage round in November 2021. |
| How much funding has Carousell raised? | Carousell has raised $376M across 9 funding rounds. |
| What was Carousell's last funding round? | Carousell's last funding round was a $3M seed round in September 2023, led by Goto Gojek Tokopedia. |
| Who are Carousell's investors? | Carousell's investors include Rakuten Capital, Golden Gate Ventures, 500 Global, Rakuten, Peak XV Partners, Darius Cheung, STIC Investments, Heliconia Capital Management, Danny Oei Wirianto, DBS Bank and 6 others. |
| What is Carousell's revenue? | Carousell's latest recorded revenue is $50M (November 2021). |
| What is Carousell's revenue multiple? | Carousell's latest valuation implies a 22.0x revenue multiple ($1.1B valuation on $50M of revenue). |
| Which companies are comparable to Carousell? | Companies comparable to Carousell include Baltic Classifieds Group, OfferUp, Zhuanzhuan, Quikr, Ganji and Vend Marketplaces. |
| How many companies has Carousell acquired? | Carousell has acquired 9 companies, including LuxLexicon, Laku6, Refash, Ox Street and 701Search. |
| What was the largest acquisition by Carousell? | The $25M acquisition of Laku6 in July 2022 is the largest acquisition Carousell has made to date. |
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