Snap, list, sell. It’s a simple yet profound idea that transformed three university friends into the visionary minds behind Carousell, the Singapore-headquartered online consumer-to-consumer marketplace poised to become one of Southeast Asia’s next $1 billion unicorns.
Siu Rui Quek, Marcus Tan, and Lucas Ngoo embarked on their entrepreneurial journey in 2012, after a life-changing internship experience in Silicon Valley. Inspired by tech titans like Jack Dorsey, Mark Zuckerberg, and Drew Houston, they witnessed the power of technology to solve real-world problems and make a lasting impact. This inspiration fueled their determination to create their own solution.
Returning to Singapore, they launched Carousell, initially focusing on unused electronics but soon expanding to include clothing, property, autos, and even job listings. Their vision was clear: to provide a mobile-first platform that simplifies buying and selling. They were captivated by the ease of mobile apps like Instagram and wanted to replicate that simplicity with Carousell – snap to sell, chat to buy, and a social experience at its core.
This mobile-centric approach struck a chord with users. Within just three days of its August 2012 launch, the app soared to second place among the top free lifestyle apps in Singapore. It was a testament to their belief that simplicity and user-friendliness could revolutionize the way people buy and sell. Carousell’s relentless focus on technology attracted substantial investment, totaling over $150 million from major players like Rakuten, Golden Gate Ventures, and 500 Startups.
Today, Carousell operates in seven countries, boasting 250 million listings and 71 million sales. Their recent partnership with global online marketplace OLX Group, worth $56 million, catapulted the company’s valuation to $550 million. Analysts predict that Carousell is on track to join the coveted ranks of $1 billion unicorn startups, making it the 12th from Southeast Asia.
However, for Siu Rui Quek and his co-founders, Carousell’s success is not measured solely by its valuation or unicorn status. Their mission is rooted in serving the community and creating value for users. Monetization efforts focus on online ads, premium user packages, and subscription services, with a particular emphasis on the Singapore and Hong Kong markets. In the pursuit of this vision, Carousell quadrupled its revenues and reduced losses in the previous year.
Quek, Tan, and Ngoo are forward-thinkers. They envision Carousell as a platform that reshapes lifestyles, where choosing secondhand becomes the first choice. It’s a sustainable model that benefits everyone – you save the Earth, you save money, you make money, and you create opportunities for others.
Their journey from interns to innovators serves as an inspiration to aspiring entrepreneurs everywhere. Carousell’s story reminds us that success is not just about chasing unicorns and valuations but about solving real problems, serving the community, and embracing the power of technology to make a meaningful impact on the world.