This Carousell company profile covers the company's valuation, revenue, funding rounds, investors and history. Carousell works in consumer internet, with a focus on classifieds and recommerce marketplace. It was founded in 2012 and is headquartered in Singapore. Its latest valuation on record is US$1.1 billion (September 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Sep 2021 | Equity round | US$100M | US$1.1B | STIC Investments (lead) | Vulcan Post |
Carousell timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2012 — Carousell is founded in Singapore by Quek Siu Rui (CEO), Lucas Ngoo and Marcus Tan.
- Sep 2021 — Equity round: US$100M, valuing the company at US$1.1B. Investors: STIC Investments (lead).
Investors
Overview
Carousell runs online marketplaces where people and businesses in Southeast Asia, Hong Kong and Taiwan buy and sell second-hand goods, cars, property and services. Users can photograph an item, list it in seconds and chat with buyers in the app. Through acquisitions and mergers it also operates major classifieds brands such as Mudah.my in Malaysia and car marketplaces across the region. In recent years it has pushed into "recommerce", taking a more active role in buying, authenticating and reselling items such as luxury handbags, electronics and cars.
Quek Siu Rui, the CEO, Lucas Ngoo and Marcus Tan founded Carousell in Singapore in 2012, shortly after graduating from the National University of Singapore. They built the first version of the app in a weekend hackathon. The company has since become one of Singapore's most recognised home-grown technology companies.
Products and brands
- Carousell marketplace: general second-hand goods, fashion, electronics, furniture, collectibles and more.
- Carousell Autos and car marketplaces: buying and selling vehicles, including services to inspect and purchase cars directly.
- Property: listings for homes for sale and rent.
- Carousell Luxury: authenticated pre-owned luxury goods.
- Mudah.my and other classifieds: leading platforms in Malaysia and other markets, gained through its 2019 merger with the Southeast Asian classifieds business of Norway's Schibsted (701Search).
- Payments and protection: in-app payments and buyer protection to make transactions safer.
Business model
Carousell earns revenue from advertising, paid listings and promotional tools that help sellers get more visibility, subscriptions for professional sellers such as car dealers and property agents, and margins on recommerce sales where it buys and resells goods. Vertical categories such as autos and property tend to generate more revenue per listing than casual consumer sales. The company doesn't publish revenue, so we show it as not disclosed.
Funding
Carousell's backers include Naver, Rakuten Ventures, Sequoia Capital India and Southeast Asia (now Peak XV), Golden Gate Ventures, 500 Global, EV Growth and Schibsted. In September 2021 it raised US$100 million led by South Korean private equity firm STIC Investments, valuing it at US$1.1 billion, up from US$900 million, and making it a unicorn. Data providers list further financing in 2023, but we haven't confirmed a new valuation, so the data above uses the 2021 figure.
Competition
Carousell competes with Facebook Marketplace, which is free and widely used in the region; with e-commerce giants such as Shopee and Lazada, which sell new goods; with specialist platforms for cars and property, such as Carro and PropertyGuru; and with global recommerce players such as Vinted and Back Market in specific categories. Its advantages are its brand, local focus and portfolio of leading classifieds sites.
Carousell at a glance
Carousell is a Singapore classifieds and recommerce company founded in 2012 by Quek Siu Rui, Lucas Ngoo and Marcus Tan. It operates the Carousell app and brands such as Mudah.my across Southeast Asia, Hong Kong and Taiwan. It raised US$100 million in September 2021 led by STIC Investments at a US$1.1 billion valuation.
Timeline
- 2012: founded in Singapore after a weekend hackathon.
- 2014–2018: expands across Southeast Asia, Hong Kong and Taiwan and raises venture funding.
- 2019: merges with Schibsted's 701Search classifieds business, gaining Mudah.my and other brands.
- September 2021: raises US$100 million at a US$1.1 billion valuation, becoming a unicorn.
- 2022 onwards: pushes into recommerce in luxury, cars and electronics.
The recommerce opportunity
Recommerce, the buying and selling of pre-owned goods, has grown as consumers look to save money, reduce waste and find unique items. Peer-to-peer marketplaces are efficient but can suffer from trust issues: fake luxury goods, misdescribed electronics and no-shows. Managed recommerce, where the platform inspects, authenticates and guarantees items, improves trust and earns higher margins, but requires warehouses, staff and inventory risk. Carousell's move into managed services in luxury and cars reflects this trade-off.
Classifieds economics
Online classifieds can be very profitable once a platform becomes the market leader in a category and country, because buyers and sellers go where the most listings are. Cars and property are especially lucrative because dealers and agents pay for listings and leads. Global classifieds groups such as Schibsted, Adevinta and OLX built large businesses this way. Carousell's strategy is to own leading positions in several Southeast Asian markets and categories.
Questions for sellers
- What fees apply for listing, promotion or managed selling?
- How does buyer protection work, and how are disputes handled?
- Which categories get the most buyers in your country?
Trust and safety on second-hand marketplaces
Second-hand marketplaces must constantly fight scams, counterfeit goods and misleading listings. Common problems include fake payment confirmations, sellers who disappear after receiving money and buyers who claim items never arrived. Carousell has invested in identity verification, in-app payments that hold money until buyers confirm receipt, scam warnings in chats and teams that review suspicious accounts. Its luxury authentication service addresses counterfeits in a category where fakes are common. Better trust tools make users more willing to transact, especially for expensive items, which is essential to growing revenue.
Who uses Carousell
Carousell's users range from students selling textbooks and parents passing on baby gear to hobbyists trading collectibles and small businesses using the app as a storefront. In vertical categories, car dealers and property agents are important paying customers. Many users both buy and sell, which helps keep listings fresh and engagement high.
Risks
- Free competition: Facebook Marketplace charges nothing and has an enormous user base.
- Inventory risk: managed recommerce means holding stock whose value can fall.
- Market fragmentation: each country has different habits, regulations and competitors.
Valuation context
Carousell's US$1.1 billion valuation was set in 2021, when investor appetite for Southeast Asian internet companies was at its peak. Listed regional peers such as Grab and Sea fell sharply in 2022 before partly recovering, and many private companies in the region have since raised at flat or lower valuations. A future funding round or listing will show how investors value Carousell's classifieds and recommerce mix today.
Latest developments (October 2026)
Carousell has not announced new funding or a listing since its 2021 round of US$100 million led by STIC Investments, which valued the group at US$1.1 billion. IPO trackers updated in 2026 show no announced listing plans. The marketplace continues to operate across Singapore, Malaysia, the Philippines, Hong Kong, Taiwan and other markets.
What to watch
Watch recommerce growth, profitability, any new funding or IPO plans in Singapore or overseas, and competition from Facebook Marketplace and e-commerce platforms.
Takeaways
Consumers can buy and sell second-hand goods safely in one app. Founders can see how classifieds businesses consolidate across markets. Investors should note that its valuation dates from 2021.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Carousell do?
Carousell is a consumer internet / classifieds and recommerce marketplace company headquartered in Singapore. It was founded in 2012.
What is Carousell's valuation?
Carousell was valued at US$1.1 billion as of September 2021, according to NECN (CNBC). Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Carousell make?
Carousell is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Carousell's latest funding round?
The most recent financing we have verified is a equity round in Sep 2021: US$100M, at a valuation of US$1.1B. Source: Vulcan Post.
Who are Carousell's investors?
Investors named in public announcements include STIC Investments, Naver, Rakuten Ventures, Sequoia Capital India and Southeast Asia (Peak XV), Golden Gate Ventures, 500 Global, Schibsted and EV Growth.
Who founded Carousell?
Carousell was founded in 2012 by Quek Siu Rui (CEO), Lucas Ngoo and Marcus Tan.
Is Carousell a public company?
No. Carousell is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Carousell headquartered?
Carousell is headquartered in Singapore.