Entrepreneur

Carousell Caps Off A Successful 2016 With Australian Expansion, Raking In 1M Listings In 9 Months!

Carousell’s mobile app was first introduced to Australia at the end of January this year.

However, it appears that the app has not only taken off, but has done well enough for the Singapore startup to announce its expansion into Australia!

According to co-founder Quek Siu Rui, “for Australia, we have dedicated product and marketing staff with a team of about two people on the ground in Melbourne. But we want to scale up that team, especially with the growth we’re seeing in the community, and we’re hoping to double it by early next year.”

This decision certainly isn’t a mere leap of faith.

According to a 2016 Nielsen study, “about one in four consumers shop online weekly“. With one more e-commerce platform available, locals will have more options and convenience than ever.

The app has already been enjoying continuous organic growth there, with listings surpassing 1million by end September. With the establishment of an Australian office, we can only imagine the numbers will increase even more quickly.

Carousell’s 2016 Milestones

In spite of their seemingly unhindered success, let’s not forget that Carousell has faced, and still faces, stiff competition from many startups and businesses trying to get a slice of the e-commerce pie.

Regardless, they have managed to rise above their competitors to hit a number of impressive milestones in 2016.

2016 has been a good year for the team, so let’s take a look back on their multiple milestones!

May: Carousell Introduced To The Philippines

Image Credit: dominguezmarketing.net

Carousell founders have always emphasised their desire to continue expanding the app’s reach in the Southeast Asian region.

In May, the app was brought into the Philippines, and Carousell claimed that it experienced a 110% month-over-month (MoM) rise in their listings, and a 240% MoM growth. This eventually brought the total amount of transactions logged in the country to over half a million.

Marcus Tan, co-founder and President of Carousell, mentioned that Philippine’s younger generation is generally more digitally-infused than others, and that’s why their launch in Philippines would be a success.

“The Philippines is one of the hottest mobile commerce markets in Southeast Asia, due to a young and digitally-savvy population,” Tan said.

The startup officially launched in the Philippines in October.

August: Carousell Secures US$35 Million Series B Funding

Image Credit: South China Morning Post

In August, they announced their clinching of US$35 million of series B fundingThis was led by Rakuten Ventures, together with Sequoia India, Golden Gate Ventures and 500 Startups.

The team was planning to use the funds to accelerate Carousell’s venture and growth into new markets around the world and bolster its product and engineering teams.

Said Saemin Ahn, Managing Partner of Rakuten Ventures, “When Rakuten Ventures first invested in Carousell, it was a scrappy and hungry group of founders determined to change the way people transact with one another in the 21st century. We now see their vision and this want for interaction shared by vast groups of people not only in Singapore but also in countries like Indonesia, Taiwan and Hong Kong. We are grateful and humbled to have been on such an exciting journey with the team, and look forward to 2016 and beyond.”

September: Carousell’s First Acquisition

Image Credit: SAYS.com
Image Credit: SAYS.com

It came as a pleasant surprise to many when Carousell announced its first acquisition on 1 September, just weeks after its funding announcement.

Naming it more of an “acquihire” than a mere acquisition, the team took on the engineering and product teams of Malaysia-based startup Watch Over Me, a safety app for women.

Said Xin-Ci Chin, co-founder of Watch Over Me to Vulcan Post, “We met Carousell, and the fit seemed to be right, and the team culture was good. Both our teams are very excited about it.”

October: Carousell Acquires Used-Car App, Caarly

Caarly / Image Credit: e27

In late October, Carousell announced its newest acquisition – that of Singapore startup Caarly, a car classifieds platform, in a bid for leadership in the car classifieds vertical, and also to forward their aim to be the “world’s number 1 classifieds marketplace”.

Said Quek, co-founder and CEO of Carousell, “Over 50% of [our users] in Singapore are now over 25 years old, and have significantly more purchasing power. We’ve seen how their evolving needs have resulted in more listings and greater demand in higher value verticals like cars. This acquisition allows us to tap on Caarly’s relationships with car dealers, to give users the widest selection of cars on a classifieds marketplace beginning in Singapore and throughout APAC soon after.”

Well Done, Carousell!

These were only Carousell’s 2016 milestones, which makes one wonder just how much Carousell has achieved over the span of four years. The startup is relentlessly and strategically expanding its reach, and we can’t wait to see what the team will make out of 2017.

Carousell, we are proud of you!

 

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