The round was co-led by existing investor Rakuten Ventures and EDBI, the corporate investment arm of Singapore’s Economic Development Board. Other participants included returning investors 500 Startups, Golden Gate Ventures and Sequoia India as well as new investor DBS, Southeast Asia’s largest bank with over $330 billion in assets.
Carousell operates an online marketplace in which consumers can sell unwanted items to each other. To date, the platform has helped sell over 50 million items and today it has 144 million listings, according to TechCrunch. Today, its product listing spans several verticals that include cars, property, jobs, services and finance.
Its revenue streams include advertising and partnerships — such as financial services and travel insurance — promoted listing and ‘spotlight’ ads for sellers, cost per click ads, and certain premium verticals, including automotive, real estate and more.
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