Carousell Reportedly in Talks to Buy Singapore Portal Operator 99 Group

February 8, 2022
Share this Post: 

According to reports from Singapore, Carousell is looking to acquire number 2 portal operator 99 Group ahead of a potential public listing in the US next year.

Local business publication The Business Times is quoting multiple people aware of the development as saying that Singaporean horizontal marketplace operator Carousell is in talks with portal operator 99 Group over a potential takeover. The sources quoted stressed that nothing has been agreed yet and that talks may not result in any deal.

While Carousell operates a leading B2C and C2C marketplace for goods and services including cars and jobs, 99 Group operates the second-largest real estate portal in the country by traffic as well as the leading portal in Indonesia.

99 Group is a direct rival of PropertyGuru and recently lost out on the backing of Australian portal operator REA Group when REA merged its Southeast Asian assets with those of PropertyGuru back in May 2021. As part of that deal, REA Group agreed to divest from its interest in 99 Group which it had been an investor in since 2019.

Whether 99 Group would want to enter into a deal that would see another public company as its overseer or benefactor is up for debate given that CEO Darius Cheung is on record as saying that REA's departure as an investor “allows us to free from the shackles of having our most significant shareholder being a public company”.

With its main rival, PropertyGuru about to go public and receive unprecedented ammunition to go after M&As and synch much of the market in Southeast Asia, 99 Group may well welcome interest from regional investors and maybe even some from further afield.

February 8, 2022
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Onthemarket Debt
OnTheMarket Launches First Majority Agent-Owned CRM

OnTheMarket has launched its own proprietary customer relationship management (CRM) platform for estate agents following a successful trial period. Dubbed...

Read More
Square Yards Construction 3
Square Yards Launches Commercial Real Estate Fractional Ownership Product to Indian Market

The diversified real estate marketplace company Square Yards has launched a fractional investment product to the Indian market. Offered through...

Read More
Rightmove CEO Sells More Shares Ahead of Retirement

Rightmove CEO Peter Brooks-Johnson has sold a portion of his shareholding in Rightmove ahead of his retirement next year. A...

Read More
Visual Guide Uk 1
Ultimate Visual Guide to Property Portals in the UK

The UK's property market is an interesting one: powered by a mammoth portal, flush with challengers and regional portals to...

Read More

Editor's Pick