carousell in A Sentence

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Carousell, Singapore's startup darling, has found its path.

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Search and Carousell.

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Carousell Southeast Asia.

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Where do you see Carousell in the next five years?

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Both Carousell and 701Search's assets will continue to live on independently post the deal.

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The team consists of folks from Flipkart, India's largest startup ever, and Carousell, Southeast Asia's largest classifieds company.

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For Carousell, the deal makes it the undisputed market leader in the region, but it also represents a period of potential stability for 701Search.

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Regardless, OLX and its“diverse experience” worldwide has provided strong input for Carousell, though Malani stresses its involvement is only at the board level rather than operational.

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Carousell commanded a valuation of $560 million in April following the investment from OLX, while 701Search was valued at $330 million after Telenor bought out partner Singapore Press Holdings(SPH).

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Southeast Asia is a region where major startup exits remain rare despite increased firepower from investors(a topic that The Ken recently explored in depth), but Carousell has had its past temptations.

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OLX had, as mentioned, cherry-picked two 701Search businesses to merge with its local entities in Thailand and Indonesia, so why not finish the job and pin the remainder to its Carousell asset.

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Carousell's tie-in with 701Search furthers that thinking- it is precisely the kind of regional consolidation one would expect of a company on its way to becoming a must-buy business for a major global player like OLX.

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In 2018, the last year for which its financials are available, Carousell lost $25 million on revenue of $7 million the following year- a 4X increase in total sales and a $5 million reduction in losses from 2017.

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One can speculate about the impact of that deal- the Indonesia entity actually competes with Carousell today- but the fact that OLX chose those two countries over the others reflects that it considers them to be of greater importance.

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While the businesses in Bangladesh and Brazil were never part of 701Search and are not relevant to the Carousell story, the deal did mean that the services in Indonesia and Thailand- Southeast Asia's two largest economies- were removed from the 701Search business.

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