Carrousel, a Singapore based startup operating in the highly lucrative e-commerce business space, has just announced a fresh new round of Series C financing. The firm raised capital to the tune of seventy to eighty million USD.
The company was started by three alumni of the National University of Singapore in the year 2012. The company operates in the second hand e-commerce business space via its mobile first listings platform. It has on offer both goods as well as services in the used category.
The company has operations all over Southeast Asia, covering key markets such as Hong Kong and Taiwan. Carrousel had, just last year in the month of August, raised its Series B round of funding from investors which totalled a sum of thirty five million USD. That Series B round saw the likes of Sequoia Capital, Golden Gate Ventures, Ratuken and 500 startups take part.
This latest round of funding puts Carrousel in the list of startups to watch out for emerging out of South East Asia’s booming e-commerce industry. Statistics and experts put the count as 3.8 million new people coming online every month to utilize the internet based services primarily through a mobile based medium. The total market size is an estimated six hundred million people, making it of significant importance after China and India.
A Google co-authored report published in 2016, pegs Southeast Asia’s e-commerce industry to grow from a measly 5.5 Billion USD in 2015 to a mammoth 88 billion USD industry by the year 2025. This lends additional insight into the huge investments being made by the top e-commerce firms all over the world in Southeast Asia.
NYSE listed Sea (formerly Garena) has invested millions of dollars into setting up shop there. China based Alibaba has bought stakes in locally founded e-commerce companies Lazada and Tokopedia. American juggernaut Amazon setup its Southeast Asia operations this year. Tencent alongwith JD.com are scouting the region for potential investments and deals. All this sheds light on the interest the market has managed to garner already.
Even in the face of stiff competition from better funded and bigger competitors, Carrousel has managed to successfully make a niche for itself in the extremely competitive online second hand goods market. The startup initially began operating in consumer-to-consumer sales as its mobile app made selling unwanted items easy, but it has since then repositioned itself as a listings site.
The total gross merchandise value that was transacted through Carrousel’s platform came in at a healthy 5 Billion USD. Its competitors in the space posted much lower figures as compared to that of Carrousel.
Shopee managed just 1.15 Billion USD last year and Lazada has since stopped releasing its numbers but states that they are higher than those of Shopee.
The number of listings on the service has more than doubled from 45 million last year to 95 million today. Our source also revealed that the company is on track to reach double-digit million US dollar revenue this year.