Singapore’s Digital Classifieds Marketplace Carousell Mulls IPO

Online classifieds marketplace Carousell, Southeast Asia’s latest unicorn, is eyeing expansion and considering an initial public offering (IPO) as one avenue to explore.

Carousell Co-founder and CEO Quek Siu Rui told CNBC that as far as a U.S. public listing, the company is in a “very well-capitalized position” following its $100 million funding round last week. Rui said the company is looking into various options to scale the business, including a private funding round with its investors and partners.

“Ultimately, we want to make sure we have a good investor base that will support our long-term growth story, who appreciates our business model and where we’re headed,” Quek said.

The fresh infusion of capital, which was led by STIC Investments, made the startup a unicorn with a valuation of $1.1 billion, according to a company press release. Carousell said the investment advances the company’s goals to “redefine commerce” for pre-owned merchandise and automobiles in an “increasingly digitally savvy, affluent and sustainability-conscious region.”

See also: Online Classifieds Marketplace Carousell Eyes $1.5B SPAC Deal

In June, reports indicated that Carousell was considering going public with a special-purpose acquisition company (SPAC) at a $1.5 billion valuation. The platform is backed by Telenor Group, Rakuten Ventures, Naver and Sequoia Capital India.

Launched in 2012 by Siu Rui Quek, Marcus Tan and Lucas Ngoo and headquartered in Singapore, the online marketplace has reached eight markets across Southeast Asia, Taiwan and Hong Kong. Among the world’s biggest online classifieds groups, it operates under the brands Carousell, Mudah.my, Cho Tot and OneKyat, according to its website.

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This year, Carousell trialed the launch of a secondhand mobile phone program in Singapore that extended a one-year warranty with the purchase of any used smartphone. The company also introduced an integrated shipping option with Malaysia’s national postal service Pos Laju, per the press release.

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The company created Carousell Auto Group earlier this year to take advantage of its “regional leadership position” in car classifieds. Carousell also launched a certified autos program in Maylasia this year.