Singapore

Singapore-based Carousell takes over online car marketplace Caarly

Carousell
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Singapore-based Carousell is a mobile classifieds app that makes selling as easy as taking a photo and buying as simple as chatting. It offers variety of items ranging from beauty products, fashion, lifestyle gadgets to furniture and home appliances on the platform.  

Launched in August 2012, Carousell has spread itself all across the world and has achieved various milestones over the years. It raised a whopping $35Mn in series B this August, which by far, was one of the largest series B rounds secured in the mobile classifieds space. Now, the company has made its second acquisition, taking over Singaporean mobile-first used car marketplace and dealership tool Caarly. The terms of the deal are undisclosed just like when it acqui-hired safety app Watch Over Me.

Founded in 2014, Caarly, a team of eleven, will witness all of its employees and relevant automotive products join Carousell. It came into existence to help Singapore drivers and motorcyclists manage vehicle-related information (such as road tax, vehicle financing, workshop locations and parking fine history), and to buy and sell vehicles easily. It has partnered with more than 200 car dealers, which make up a significant proportion of such dealerships in the island-nation.

Also, Carousell has appointed former PropertyGuru managing director Winnie Khoo as general manager for Singapore and Malaysia, who will lead efforts to integrate the Caarly team into Carousell. And, Rakesh Malani, previously of Indian adtech firm Komli Media, as its CFO who played a major role in facilitating this acquisition.

The transaction will make the startup a bigger online classifieds player, and will enable it to enter the local vehicle classifieds space. Carousell plans simplify the online buying and selling experience for users, by making it easier for car dealers and individual sellers with a smartphone to snap, list and sell in just 30 seconds. The Caarly acquisition will pave the way for a monetisation strategy for Carousell, which is currently not making money. It reportedly earns subscriptions and the fee it charges for transactions. Carousell co-founder Quek Siu Rui said the startup’s monetisation strategy will include building revenue streams from high-value verticals, and charging for premium listings and subscription.

Existing Caarly partners can continue to use the Caarly platform to list their inventory but can post on Carousell marketplace as well. The platform users will have the “widest selection of cars in a classifieds marketplace”, starting in Singapore and soon, throughout the Asia-Pacific.

With over 41 million listings, Carousell is one of the world’s largest and fastest growing marketplaces. It has been ranked as the top Lifestyle and Shopping app in Singapore, Taiwan, and Hong Kong, and is backed by leading international Venture Capitalists Sequoia India, Rakuten Ventures, 500 Startups, Golden Gate Ventures, and QuestVC.

 

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