Parent company of Cho Tot wraps up $80 million investment
Parent company of Cho Tot wraps up $80 million investment
Carousell, one of the world’s largest and fastest-growing classifieds and the parent company of Cho Tot, has announced receiving an $80 million investment from a consortium led by Naver and featuring Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities.
The growth momentum of Carousell is unbroken with Naver’s $80 million investment
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Carousell will be valued at over $900 million after this investment, following the merger of local online marketplace Cho Tot in 2019 to accelerate leadership in Vietnam. This latest round of funding signals continued confidence in Carousell’s growth and mission relevance, with the acceleration of e-commerce adoption with shoppers moving online, selling more preloved items and supporting their local communities during this global pandemic.
“The last six months have been challenging for all. It’s inspiring to see how the Carousell community is making the best out of a challenging situation, helping those in need and rallying each other on. Their stories of how Carousell has been essential to them to make ends meet and afford what they need during this global health crisis reminds us to keep our heads down, focused on serving our community,” said Quek Siu Rui, co-founder and CEO of Carousell.
“Naver’s investment in Carousell is a vote of confidence and reinforces the relevance of our mission. We are excited to work closely with Naver, a leader in mobile services which has industry-leading credentials in advanced technologies, as we continue our focus on using technology to make selling and buying even simpler, effective, and more inspiring,” Quek Siu Rui added.
"Carousell has built a tremendous platform enabling people in the region to transact more effectively and efficiently. We believe its efforts to focus on the products and the community will be further consolidating its market leader position. We look forward to working closely with Carousell,” said Jung An Lee, head of Investments at Naver.
The COVID-19 pandemic has greatly affected individuals and businesses globally in many ways. For the past six months, Carousell has stepped up as an essential platform for our users across its eight markets, including Vietnam. This includes regional initiatives such as providing $2 million worth of free ads to non-profit organisations, the launch of a new "Free Items" category for the #ChoosetoGive campaign where the community donated free items to users in need and partnerships with government agencies such as Enterprise Singapore, Hong Kong Productivity Council, and Malaysia Digital Economy Corporation to support the digitalisation of micro-enterprises and SMEs.
