Singapore’s leading online P2P marketplace Carousell is expanding to Australia by opening an office in Melbourne in order to “give local consumers an easier and quicker way to buy and sell goods online,” according to Financial Review.
The company is looking to eat a piece of the fast-growing Australian e-commerce market, which, according to a Nielsen study, is estimated to surpass US$24 billion by 2018.
Carousell already has a dedicated team of product and marketing staff in Melbourne. Now, Co-founder Siu Rui Quek says the company wants to scale that team soon.
The development comes on the heels of its expansion into the Philippines in October this year.
Carousell was founded by Siu Rui Quek, Marcus Tan, and Lucas Ngoo. The platform is a mobile classifieds app, which aims to make selling and buying easy. Launched in May 2012, the company began in Singapore and has expanded to 13 cities around the world. With over 35 million listings, it is one of the fastest-growing marketplaces in Asia.
The startup is backed by leading international VCs, such as Sequoia Capital, Rakuten Ventures, 500 Startups, Golden Gate Ventures, and QuestVC. In Singapore, Carousell has a diverse range of products in 29 categories, including cars, lifestyle gadgets, and fashion accessories.
Carousell has raised more than US$54 million in funding to date, which includes a US$35 million Series B in August this year. A month later, it acqui-hired personal safety app Watch Over Me’s engineering and product teams.