SINGAPORE: Online marketplace Carousell has expanded its footprint in the Asia-Pacific region with the acquisition of Malaysian-based mobile classifieds start-up Duriana, it announced on Thursday (Jan 5).
In a media release, Carousell said the deal means it has become the top mobile classifieds player in Malaysia, and gives it a "significant boost" in the Philippines.
The deal will add more than 600,000 Duriana users to Carousell's platform, expanding its classifieds marketplace, which currently has more than 57 million listings and more than 23 million items sold, as of the fourth quarter of 2016.
Carousell said that since its launch in Malaysia, the classifieds marketplace has grown rapidly, with almost two million items sold as of the fourth quarter of 2016, "almost doubling within a quarter".
On its decision to acquire Duriana, Carousell co-founder and CEO Quek Siu Rui said they had identified Duriana as having similar demographics and interests in buying and selling fashion items, gadgets & electronics as well as home furnishing.
“This acquisition accelerates our international growth, and strengthens our position as the largest mobile classifieds marketplace in Malaysia with over five million listings. It also builds on our strong growth in Philippines, our fastest market to reach over half a million listings, and positions Carousell as the leader in the Philippines mobile classifieds industry just four months after our official launch in the market,” said Mr Quek.
Duriana users will join the Carousell marketplace, where they can continue buying and selling online, Carousell said.
It declined to reveal how much it paid for the acquisition.
Carousell now has a presence in 19 cities across seven countries following its launch in August 2012.