Online marketplace acquires OLX Philippines following investment
SINGAPORE, April 15, 2019 /PRNewswire/ -- Carousell, one of the world's largest and fastest-growing classifieds marketplaces, today announced that it has received an investment from Naspers, through its classifieds business arm, OLX Group. The deal will also see Carousell acquires OLX Philippines, with the mutual goal of serving the Filipino community to buy and sell online with greater ease and flexibility. The total deal value is worth US$56 million and gives OLX Group an approximate 10% stake in Carousell.
The investment from Naspers, one of the largest technology investors in the world, values Carousell at over US$550 million, and is a testament to Carousell's ability to develop world class online classifieds marketplace solutions in Southeast Asia. To date, Carousell registers the highest engagement rate and time-spent across all online marketplace players. In addition, Carousell's advancement in product and innovative technology, coupled with OLX Philippines' local experience in managing online classifieds will deliver a seamless user experience of the platform.
OLX Philippines, part of OLX Group, has 13 years of expertise in the online classifieds space. The company is currently the largest online classifieds site in the country, with more than 6 million monthly unique users.
"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.
"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 will integrate OLX's operations and subsidiaries in the Philippines, with integration work happening in stages over the course of the year. Raffy Montemayor, General Manager of OLX Philippines, will manage Carousell's operations in the market and will lead the transition of its customers to the new platform.
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