MANILA, Philippines – Global internet group Naspers – which owns the online marketplace OLX Group – announced on Wednesday, April 10, a $56-million cash and equity deal with Singaporean online marketplace Carousell.
The deal, according to Naspers' statement, gives "OLX Group a 10% stake in Carousell" and will "merge their operations in the Philippines, to create the best classifieds experience in the country."
According to a primer on the team-up, The OLX-Carousell merging will be a gradual integration of Carousell Philippines and OLX Philippines' applications, and will eventually expand the audience of sellers while giving buyers a wider selection of choices for their purchasing needs.
Quek Siu Rui, co-founder and CEO of Carousell, said in a statement: "Naspers’ investment will enable us to accelerate the cementing of our leadership in Southeast Asia and our pace of innovation. We will continue deepening our expertise in technology and AI to bring greater value, trust, and convenience to our users. We are grateful for the strong support from our new and existing investors, and their conviction in our capabilities, passion for the mission, and product vision."
"With the deal in the Philippines, more value will be brought to sellers and buyers together in a vibrant marketplace that creates even more possibilities for the community,” he added.