Two online marketplaces based out of Singapore, Carousell and Carro, are ending funding rounds totally in US$145 million. Meanwhile, Alibaba says it has acquired South Asian e-commerce platform, Daraz.
Classifieds site Carousell snagged USD$85m in its Series C funding, which also saw the addition of DBS Bank as a new investor and retail partner. Co-led by Rakuten Ventures and EDBI, the latest round was once again joined by existing investors 500 Startups, Golden Gate Ventures, and Sequoia India.
The new funds will be used to further beef up Carousell’s capabilities in artificial intelligence (AI) and machine learning, including skillsets. The online platform boasts more than 144 million listings and has sold 50 million items since its inception.
It started deploying AI and machine-learning technologies last year to fight fraud as well as introduce new features, such as Smart Listings, as well as personalised browsing and chatting experiences. It also introduced new categories on its marketplace including cars, property, jobs, and financial services.
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