Carousell, one of the world’s largest and fastest-growing classifieds marketplaces, said it received a $56-million investment from Naspers through classifieds business arm OLX Group.
The deal will also see Carousell acquire OLX Philippines, with the mutual goal of serving the Filipino community to buy and sell online with greater ease and flexibility. The total deal is worth $56 million and gives OLX Group a 10-percent stake in Carousell.
The investment from Naspers, one of the largest technology investors in the world, values Carousell at more than $550 million and is a testament to Carousell’s ability to develop world class online classifieds marketplace solutions in Southeast Asia.
Carousell registers the highest engagement rate and time-spent across all online marketplace players. Carousell’s advancement in product and innovative technology, coupled with OLX Philippines’ local experience in managing online classifieds will deliver a seamless user experience of the platform.
OLX Philippines, a part of OLX Group, has 13 years of expertise in the online classifieds space. The company is currently the largest online classifieds site in the country, with more than 6 million monthly unique users.
