Carousell in talks to buy property marketplace 99.co ahead of SPAC deal

The Business Times

Online classifieds company Carousell is in talks to acquire Singapore-based property marketplace operator 99 Group ahead of a potential public listing in the US this year, according to people aware of the development.

Tech unicorn Carousell is eyeing a Nasdaq listing through a merger with L Catterton Asia Acquisition, the blank-cheque company backed by US$30 billion buyout firm L Catterton, Bloomberg reported in January.

A deal with 99 Group would give Carousell access to 99.co, a property search portal operating in Singapore and Indonesia.

Both are among the batch of companies minted in the early days of Singapore’s startup scene. Their common shareholders include pioneer venture capitalists Quest Ventures, East Ventures, 500 Southeast Asia, Golden Gate Ventures and Sequoia Capital India.

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