Carousell acquires car classifieds platform CaarlyThursday October 27th, 2016
SINGAPORE: Mobile marketplace Carousell on Thursday (Oct 27) announced its move into the car classifieds market with its acquisition of Caarly, an online platform where car dealers and individual sellers market used cars.
The acquisition – at an undisclosed sum – will see all listings on Caarly included in the Carousell marketplace. Existing Caarly partners can continue to use the platform to list their inventory, but can opt to post in the cars category on Carousell as well.
As part of the acquisition, the full Caarly team and all of its relevant automotive products will be transferred to Carousell.
The acquisition comes a month after Carousell acquired personal safety app WatchOverMe and its entire engineering team in an acquihire deal, and two months after it raised US$35 million (S$48.8 million) in a Series B funding round.
Carousell co-founder and CEO Siu Rui Quek said the acquisition paves the wayfor the company’s monetisation strategy. More than half of Carousell users are now over 25 years old and have more purchasing power, and demand has risen for higher-value verticals like cars, he said.
“This acquisition makes Carousell the best place for users to find exactly what they need when they’re looking for a new or preloved car, and also paves the way for our monetisation strategy as high value verticals will be a key revenue driver for us,” he added.
The company also announced on Thursday that it has appointed former PropertyGuru managing director Winnie Khoo as general manager of its Singapore and Malaysia operations. Also joining the team is CFO Rakesh Malani, formerly the CFO for ad-tech company Komli Media in India.
Original article appeared on Channel News Asia