- Claims users above 25 have significantly more purchasing power
- Paves way for monetization strategy, high value verticals key revenue driver
COMING on the heels of its first acquihire of safety app WatchOverMe last month, classifieds marketplace, Carousell has acquired Singapore startup, Caarly in a strategic move to position it for leadership in the cars classifieds vertical. Caarly is a mobile-first productivity tool that makes it easier for used car dealerships to manage their inventory.
The acquisition is indicative of Carousell’s expansionary vision, as it accelerates growth in new verticals and continues to expand overseas. It also reflects Carousell’s commitment to simplifying the online buying and selling experience for all users, by making it easier for car dealers and individual sellers with a smartphone to snap, list, sell in just 30 seconds.
“Carousell has grown over the last 4.5 years, and so have our users. Over 50% of them in Singapore are now over 25 years old, and have significantly more purchasing power. This is also the case in Malaysia, where the majority of our users are aged 25 years and above. We’ve seen how their evolving needs have resulted in more listings and greater demand in higher value verticals like cars. This acquisition allows us to tap on Caarly’s relationships with car dealers, to give users the widest selection of cars on a classifieds marketplace beginning in Singapore and throughout APAC soon after,” said Siu Rui Quek, cofounder and CEO of Carousell.
“This acquisition makes Carousell the best place for users to find exactly what they need when they’re looking for a new or used car, and also paves the way for our monetization strategy as high value verticals will be a key revenue driver for us.”
Since its launch in Singapore in 2014, Caarly has partnered over 200 car dealers, which make up a significant proportion of the car dealerships in Singapore. As part of the acquisition, Carousell has welcomed the full Caarly team into the family and taken on all of its relevant automotive products.
By leveraging Caarly’s strong domain expertise in the automotive industry, Carousell intends to deepen its reach in this high value vertical, and scale up to become a market leader for cars classifieds. Existing Caarly partners in Singapore can continue to use the Caarly platform to list their inventory with a simple one-tap post to cross post to the cars category on the Carousell marketplace. Malaysia with an estimated used car sales of 400,000 units in 2015 presents a potential market for Carousell to explore with Caarly.
Winnie Khoo, newly appointed general manager for Carousell Singapore and Malaysia, will be leading the charge to fully integrate the Caarly team. “What began as a simple conversation to include used-car dealers inventory onto the Carousell marketplace allowed us to realise the potential to make a bigger impact for our community. With the widest selection of cars, Carousell will become the go-to for anyone looking to purchase their next car,” she said.
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