Singapores Carousell Said To Acquire OLX Philippines

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Carousell

Carousell co-founders Marcus Tan, Lucas Ngoo and Quek Siu Rui

Online marketplace Carousell has acquired the Philippines operations of Naspers-owned OLX Group, according to a source familiar with the development.

The deal is understood to be part of an investment by Naspers into Carousell routed through OLX Group.

DEALSTREETASIA has reached out to Carousell for comment.

According to a TechCrunch report in June last year, Naspers was negotiating a minority investment in Carousell, valuing it at $500 million. The global internet and entertainment firm was pursuing Carousell to strengthen its presence in the Southeast Asian and Asia Pacific region.

Naspers has made similar moves via OLX Group before. In January, Naspers inked a $1.1-billion deal to buy out Aviva BB, Russia’s largest classified advertising platform. The acquisition was done through OLX Group.

Last month, Naspers said it will spend $1 billion in India to identify and nurture the next Tencent Holdings. It was also in talks to inject around $200 million into business loan provider Capital Float and payments security firm Wimbo.

OLX, meanwhile, has been reorganising its portfolio. Earlier this month, it sold its businesses in Kenya, Ghana, Uganda and Tanzania to African classifieds marketplace Jiji.

Commenting on the sale of the businesses in Africa, OLX Africa, Middle East and Asia general manager Sjoerd Nikkelen had said, “We continually evaluate our portfolio of classifieds businesses to ensure a disciplined approach to how and where we allocate capital and management time. With our focus on accelerating the growth of other markets, now is an opportune time to sell our interests in these markets.”

Carousell last raised an $85-million Series C round in May, led by Rakuten Ventures and EDBI. The round was joined by existing investors 500 Startups, Golden Gate Ventures and Sequoia India, as well as new investor, Asian financial services group DBS.

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