Heliconia Capital, a unit of private equity firm Temasek, has invested $10 million U.S. into the Southeast Asia-focused c-to-c horizontal Carousell, at the same US$1.1 billion valuation of the startup’s funding round in September.
Heliconia purchased over 577,000 shares of Carousell for US$17.30 each, via its vehicle Orchid 3 Investments VCC. Back in September, Carousell announced a US$100 million fundraise led by South Korean private equity firm STIC, taking its previous US$900 million valuations past the much-anticipated US$1 billion mark. Previously, Carousell raised $178 million in various rounds, according to Crunchbase. Marketplace operator ccc acquired a 10% stake in Carousell in 2019.
Carousell is said to be considering a public listing in the United States through a merger with a special-purpose acquisition company and aims to provide its investors with an exit by 2024, at a valuation of at least US$1.13 billion.
The Singapore-based company that operates in seven Southeast Asian countries, has emerged as one of the region’s key automotive challenges as it embarks on a verticalization strategy that places transactions at its core. It’s part of the company’s “Classifieds 4.0” growth plan, which involves turning key verticals transactional as a means to grow revenue and profitability while entrenching the company as Southeast Asia’s leading transaction marketplace.