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OLX Group announces USD $56 million investment in Carousell

OLX Group announces USD $56 million investment in Carousell The deal will expand the Group's operations in Asia and create a leading Classifieds player in the Philippines

[Amsterdam, April 10, 2019] – Naspers' Classifieds business, OLX Group, has announced a USD $56 million cash and equity deal with Carousell, one of Asia’s largest and fastest-growing classifieds marketplaces. As part of the investment, which gives OLX Group a 10% stake in Carousell, the companies will merge their operations in the Philippines, to create the best classifieds experience in the country.

 "Naspers’ investment will enable us to accelerate the cementing of our leadership in Southeast Asia and our pace of innovation. We will continue deepening our expertise in technology and AI to bring greater value, trust and convenience to our users. We are grateful for the strong support from our new and existing investors, and their conviction in our capabilities, passion for the mission and product vision,” said Quek Siu Rui, Co-founder and CEO of Carousell. "With the deal in the Philippines, more value will be brought to sellers and buyers together in a vibrant marketplace that creates even more possibilities for the community.”

The merger unifies both platforms in their shared goal of helping the Filipino community buy and sell online with greater ease and flexibility. Carousell’s passion and advancement in product and innovative technology, coupled with OLX Philippines’ wealth of local experience in managing online classifieds for 13 years in the country, will deliver a seamless personalised user experience.

“We are excited to increase our presence in Asia via a fast-growing company such as Carousell, which has deep knowledge across the region. We look forward to learning from them and sharing our own experience of operating in high-growth markets across five continents. Together, we believe we can offer the very best classifieds experience to the local market," said Martin Scheepbouwer, OLX Group CEO.

Carousell and OLX will integrate their operations in stages over the course of the year. The merger and migration are expected to be fully completed in the second half of 2019. Raffy Montemayor, General Manager of OLX Philippines, will manage Carousell’s operations in the market and will lead the migration of its customers to the new platform.

For more details please visit Carousell's media center at https://one.carousell.ph/.

About Carousell
Carousell is a classifieds marketplace that makes selling as easy as taking a photo, buying as simple as chatting. Launched in August 2012, Carousell began in Singapore and now has a presence in seven markets across Asia. With almost 200 million listings, we are one of the world’s largest and fastest growing marketplaces in Southeast Asia, Taiwan and Hong Kong, and is backed by Rakuten Ventures, Sequoia India, 500 Startups, Golden Gate Ventures, DBS and EDBI. The Carousell marketplace has a diverse range of products across a variety of categories, including cars, lifestyle, gadgets and fashion accessories. Download the app for iOS or Android, and visit www.carousell.com for more information.
 
About OLX Group and Naspers
OLX Group is a global product and tech company which operates a network of market-leading trading platforms in five continents. With more than 350 million monthly users worldwide, OLX Group makes it fast and easy to buy and sell almost anything online, such as household goods, phones, cars and houses. Through consumer brands including Avito, dubizzle, letgo, OLX, and many dozen others, we estimate that 17 million products are exchanged on our apps and platforms every single month.

OLX Group is a Naspers company, a global consumer internet group and one of the largest technology investors in the world. Around a fifth of the world’s population improve their daily lives by using the products and services from companies that Naspers operates and invests in.

For more information, please visit www.olxgroup.com and www.naspers.com.

Press contacts:
OLX Group / Naspers
Julia Lavin
[email protected]

Carousell
Jarieul Wong
[email protected]

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