Carousell shies away from unicorn chatter

The Business Times

“Carousell announced that it has agreed to merge with 701Search, a unit of Norwegian telco Telenor, in a deal that values the combined entity at over US$850 million. Telenor received Carousell shares in exchange for the 701Search assets, and further bought Carousell shares for US$20 million in cash…

The startup’s first backer, Quest Ventures, told BT in a statement: “We congratulate Carousell on reaching unicorn status in Singapore dollar terms. Quest remains invested in Carousell and its mission, which the founders believe is less than one per cent done. We are very proud to have provided the angel capital when Siu Rui, Marcus Tan and Lucas Ngoo started Carousell eight years ago.””


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