Carousell valued at $850m after merger

Telecommunications giant Telenor Group merges with Singapore online classified start-up

                                

Singapore online classified business start-up Carousell has been valued at more than $850m after merging with Telenor Group.

Carousell will merge with 701Search, a subsidiary of Telenor, one of the world’s largest telecommunications companies, in an equity and cash agreement.

Telenor owns online marketplaces Mudah in Malaysia, Cho Tot in Vietnam, and OneKyat in Myanmar.

Carousell will be valued at more than $850 million (£646m, €766m) with Telenor the single largest minority shareholder. It will own 32 per cent of the combined company.

Rakesh Malani, Carousell’s chief financial officer, said: “We are driving rapid consolidation in the region with the OLX Philippines merger earlier in the year, and 701Search today. This transaction further cements Carousell as the leading online classifieds marketplace platform in Southeast Asia.”

The merger means 701Search’s hub team in Singapore will be fully integrated into Carousell. Mudah, Cho Tot and OneKyat will retain their individual names and platforms.

Launched in August 2012, Carousell began in Singapore and now has a presence in eight markets across Asia. It has annualised revenues of over $40 million and a business of over 80 per cent gross margin.

Telenor Group operates across Scandinavia and Asia with 176 million customers and annual sales in 2018 of around $13 billion.

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