The Carousell application is displayed on a smartphone in an arranged photograph in Singapore.
Ore Huiying | Bloomberg | Getty Images
SINGAPORE — Online classifieds business Carousell is on its way to becoming one of Southeast Asia’s next unicorns — start-ups with a valuation over $1 billion — but co-founder and CEO Quek Siu Rui told CNBC the company is focused on becoming profitable over the next three-to-four years.
Carousell last month said it received an investment amounting to $80 million from a consortium led by South Korean tech company Naver, the creator of messaging app Line. Other investors in the consortium included Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities. That pushed Carousell’s valuation above $900 million.
Regulatory filings and media reports indicated that only a portion of the investment involved the issuing of new shares. Some of Carousell’s existing shareholders including Golden Gate Ventures, Sequoia Capital