Building Southeast Asia’s leading classifieds marketplace
Carousell stands today as one of the most prominent success stories of Singapore founders. Established in 2012 by Quek Siu Rui, Marcus Tan, and Lucas Ngoo, Carousell was born from a simple idea: make buying and selling online as easy as snapping a photo.
What started as a project during a hackathon at the National University of Singapore (NUS) quickly evolved into a mobile-first platform. It resonated with young, tech-savvy users who sought a fast, simple, and community-driven way to exchange goods.
Entrepreneurs in Singapore like Quek, Tan, and Ngoo proved that with the right timing, product-market fit, and execution, a homegrown app could grow rapidly beyond its local roots.
Today, Carousell operates in eight markets across Southeast Asia, Hong Kong, and Taiwan, serving tens of millions of users. Its journey reflects the ambition and resilience of Singapore business leaders shaping the region’s digital economy.
Strategic pivots and rapid regional expansion
Carousell’s early success stemmed from a deep understanding of the Singaporean consumer — practical, deal-focused, and community-oriented. However, scaling across Southeast Asia required adaptability and strategic shifts.
Between 2016 and 2018, Carousell evolved from a peer-to-peer app into a structured marketplace. The company introduced premium services like CarouBiz, verified listings, and partnerships with payment providers to enable safer transactions.
Crucially, Carousell pursued mergers and acquisitions to grow its regional footprint. In 2019, it merged with 701Search, acquiring brands like Mudah.my in Malaysia and Cho Tot in Vietnam. This move, backed by investment from Telenor Group, significantly expanded Carousell’s user base.
Funding milestones further validated its success. In 2021, Carousell raised US$100 million from South Korea’s STIC Investments, achieving unicorn status with a valuation above US$1 billion.
Singapore business leaders like Carousell’s founders show how partnerships, local execution, and continuous innovation fuel leadership in Southeast Asia’s digital economy.
Impact on Singapore’s tech ecosystem
Carousell’s rise highlights Singapore’s shift from a financial center to a thriving startup hub. The company’s success inspires many young Singaporeans to pursue entrepreneurship, proving that tech giants can emerge from the Lion City.
Support from initiatives like Startup SG and NUS Enterprise incubators helped lay Carousell’s early foundations. Early-stage funding and mentorship played critical roles in transforming the hackathon idea into a scalable business.
Beyond business, Carousell promotes sustainable living. Its platform encourages the buying and selling of secondhand goods, extending product life cycles and reducing waste. This effort aligns with Singapore’s Green Plan 2030 goals for a greener economy.
The founders also contribute to the startup ecosystem by mentoring new entrepreneurs. Their support helps nurture the collaborative spirit that drives Singapore’s innovation landscape.
Success stories of Singapore founders like Carousell remind us that with vision, perseverance, and ecosystem support, startups from Singapore can thrive globally.
Conclusion
Carousell’s transformation from a student project into a billion-dollar company showcases the power of ambition and innovation. Through continuous improvement, smart partnerships, and a focus on empowering communities, Carousell is reshaping how people buy and sell goods across Asia.
As Singapore’s digital economy continues to grow, Carousell’s story provides a blueprint for aspiring entrepreneurs aiming to build impactful businesses in the Lion City.
Discover more inspiring journeys on Feature.Asia: 10 Entrepreneurs Under 30 Changing Asia’s Economy
