Singapore’s Carousell snaps up rival 701Search as it seeks dominance in Southeast Asia
- Mobile classifieds company Carousell will be valued at over US$850 million after merging with rival 701Search
- Telenor Group, which owned 701Search, will be the largest minority shareholder with 32 per cent of the merged entity
Singapore-based mobile classifieds company Carousell announced on Thursday that it was merging with online classifieds company 701Search in its bid to become the industry leader in Southeast Asia.
The cash and equity agreement between Carousell and Telenor Group, which owned 701Search, will merge 701Search’s online marketplaces Mudah in Malaysia, Cho Tot in Vietnam and OneKyat in Myanmar with Carousell.
As part of the deal, 701Search’s regional hub team that operates in Singapore will be fully integrated into Carousell, while Mudah, Cho Tot and OneKyat will continue to operate under their respective names following the merger, according to a Carousell press release.
The merger comes just months after a US$56 million merger between Carousell and another classifieds platform, OLX Philippines, in July.
“Our mission has remained the same since day one. We want to inspire every person in the world to start selling and buying,” said Quek Siu Rui, chief executive of Carousell. “Merging with 701Search will allow us to further this mission on an even greater scale and fortify our leadership in Southeast Asia.”
