Six-year-old Carousell operates in seven markets including Singapore, Hong Kong and Australia and is one of the region’s most popular virtual flea markets. People use it to sell everything from second-hand cars and couches to game consoles and, as of this week, purple wigs.
(June 5): A few years ago, Quek Siu Rui huddled with the board of his Singapore startup to consider whether to sell. Quek was only 26 and the US$100 million ($134 million) offer would have made him wealthy beyond his dreams. But he said no: He wanted to keep building the business.
Good call. Quek’s company, an app for selling used goods called Carousell, is now valued at about US$500 million, according to a person familiar with the matter. The CEO doesn’t regret his choice. “This is a once-in-a-lifetime opportunity,’’ Quek said in an interview. “We want to build an enduring company.’’
