The best regulated crypto exchange
Find out why?
50 BTC prize pool!
Get your share!
I'm in

Carousell valued at $850m after merger

By Ramla Soni

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.

FURTHER READING: Yahoo Japan stock surges 16 per cent following Line merger discussions

FURTHER READING: Softbank to create $30bn tech giant with new merger

Like to share your thoughts and ideas about crypto and trading? You could join us as an external author. Email us on [email protected] to find out how you could become a contributor.
Subscribe to news
iMac Image
The most beautiful trading app
google play storeapple store
iPhone Image
iPhone Image