Carousell aims for exit within 4 years, possibly at value of US$1.1b or more

The Business Times

Carousell’s preference shareholders include early backers Rakuten Ventures and Sequoia India, as well as later investors Telenor Group, OLX and most recently, the consortium comprising Naver, the Mirae Asset-Naver Asia Growth Fund and NH Investment & Securities.

According to Carousell’s filing, its exit options include an initial public offering (IPO), trade sale, secondary sale or share buyback. The exit price is defined as at least 1.25 times the subscription price paid per share.

Going by Carousell’s latest valuation of about US$900 million, this could imply an exit valuation of US$1.13 billion at the very minimum.

Only a portion of the US$80 million Naver deal appears to have involved newly-issued shares. According to regulatory filings up to Sept 18, Naver and two other vehicles, Mirae Asset-Naver Asia Growth Investment and New Horizon Investment I, bought about US$23 million in new shares, paying US$12.75 apiece for ordinary shares and US$15.94 apiece for “sub-class C” preference shares.

Naver and two other vehicles then bought over 4.3 million ordinary and preference shares from earlier investors.

The sellers included Rakuten, Sequoia India, 500 Startups, Golden Gate Ventures, Quest Ventures, angel investor Darius Cheung, as well as Carousell co-founders Quek Siu Rui, Marcus Tan and Lucas Ngoo.

None of the shareholders cashed out completely, the spokesperson noted.

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