Join our Waitlist for Expert Advice!

Singapore's Carousell Takes A Step Closer to Becoming A Unicorn In Deal With Telenor The company is now valued at $850 million

By Aparajita Saxena

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Pixabay

Singapore online marketplace for second hand goods, Carousell has agreed to a merger with a unit of Norwegian telecoms firm Telenor Group, in a deal that values the combined companies at over $850 million.

Telenor's 701Search, which owns and operates three online marketplaces in Asia - Mudah in Malaysia, Cho Tot in Vietnam and OneKyat in Myanmar - will cease to be a unit of Telenor after the merger, Carousell said in a statement, adding Telenor will hold 32 per cent in the combined company.

The cash-and-stock deal propels Carousell towards its vision to become the largest online classifieds business in Asia, and comes just months after Naspers-owned OLX struck a deal to merge its Philippines business with the Singapore company.

The merger also takes Carousell closer to becoming a unicorn - a term used to describe companies that are valued over $1 billion.

Carousell had a valuation of $560 million before the deal, according to a Straits Times report. The company has raised over $180 million in funding over 11 rounds, the latest being in April, according to Crunchbase. Its investors include Rakuten, Golden Gate Ventures, Sequoia Capital, 500 Startups and DBS.

701Search's Singapore team will be absorbed by Carousell, the company said.

Aparajita Saxena

Former Deputy Associate Editor, Asia Pacific

Aparajita is Former Deputy Associate Editor for Entrepreneur Asia Pacific. She joined Entrepreneur after nearly five years with Reuters, where she chased the Asian and U.S. finance markets.

At Entrepreneur Asia Pacific, she wrote about trends in the Asia Pacific startup ecosystem. She also loves to look for problems startups face in their day-to-day and tries to present ways to deal with those issues via her stories, with inputs from other startups that may have once been in that boat.

Outside of work, she likes spending her time reading books (fiction/non-fiction/back of a shampoo bottle), chasing her two dogs around the house, exploring new wines, solo-travelling, laughing at memes, and losing online multiplayer battle royale games.

 

Business News

Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

Other staff members were fired for the same reason, per a new report.

Thought Leaders

These 3 Trends Will Change What It Means to Be an Entrepreneur in 2025

Here are three entrepreneurship trends from the new Global Entrepreneurship Monitor report that are changing the landscape for the future.

Thought Leaders

Secrets of Surviving Bankruptcy

Anger and shame are natural byproducts of bankruptcy, but these 3 women discovered they could reinvent themselves.

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.

Leadership

4 Bold Leadership Moves Every Successful CEO Uses to Navigate Change

Ready to turn fear into fuel and lead with confidence? In this article, I share how leaving my corporate job without a plan led me to build a thriving business. Learn four bold strategies to embrace uncertainty and turn challenges into opportunities for growth today.

Management

8 Things I've Learned From Running a Fully Remote Company

Leading fully remote teams requires unique strategies, including fostering trust, supporting effective communication, and maintaining personal connections.