In addition to taking on its 11 staff, Carousell has acquired Caarly’s “relevant” automotive products which its CEO Quek Siu Rui told TechCrunch “paves the way for a monetisation strategy”.
“We’re focused on building revenue streams using high-value verticals starting with cars, while concurrently enhancing the experience of buying and selling on Carousell for our users,” said Quek.
“Carousell has grown over the last 4.5 years, and so have our users. Over 50 percent of them in Singapore are now over 25 years old, and have significantly more purchasing power. We’ve seen how their evolving needs have resulted in more listings and greater demand in higher value verticals like cars.”
To further its monetization push for early 2017, Carousell has hired former Komli Media exec Rakesh Malani as its CFO. Winnie Khoo, former MD of PropertyGuru, will also be joining the team.