Singaporean P2P marketplace Carousell today announced that it has acquired Malaysia-based mobile classifieds startup Duriana as part of its effort to become a “top mobile classifieds player” in the country.
After the acquisition, Duriana users will be migrated to the Carousell platform, where they can continue buying and selling online as part of a larger global community.
Duriana co-founders will also no longer hold any position in the company. Co-founder and CEO Saeed Gouda said in a press statement that he is looking forward to “pursue new adventures,” while also stating that the team is “proud to have brought the company to this stage.”
The acquisition itself is the third that Carousell has announced in less than six months since its US$35 million Series B round, following the acquisition of Caarly in October 2016 and Watch Over Me in September.
Apart from the opportunity to win the Malaysian market with Duriana’s 600,000 users, the acquisition will also enable Carousell to win the Philippines, as Duriana also happens to have a considerable presence in the market.
“This acquisition accelerates our international growth, and strengthens our position as the largest mobile classifieds marketplace in Malaysia with over five million listings. It also builds on our strong growth in Philippines, our fastest market to reach over half million listings, and positions Carousell as the leader in the Philippines mobile classifieds industry just four months after our official launch in the market,” explained Carousell Co-founder and CEO Quek Siu Rui.
Since its August 2012 launch, Carousell has expanded to 19 cities in seven countries, including recent entry to Hong Kong, Philippines and Australia. It claimed to have over 57 million listings and over 23 million items sold as of Q4 2016.
In Malaysia, Carousell claims to have sold almost two million items as of Q4 2016. While in the Philippines, it claims over 80 per cent QoQ growth in transactions from Q3 2016.
Image Credit: Carousell