Co-founder and CEO, Carousell
Quek Siu Rui co-founded Carousell—the country’s most popular online marketplace
Quek Siu Rui is the co-founder and chief executive of online consumer-to-consumer marketplace Carousell, a venture he started in 2012 with his friends and business partners Marcus Tan and Lucas Ngoo. Positioned as being a fuss-free tool that lets sellers make a sale quickly and easily, Carousell’s “snap, list and sell” competitive edge helped it to become one of Singapore’s newest unicorns after it raised US$100 million in a funding round in September 2021, taking its valuation to US$1.1 billion. A unicorn is an unlisted start-up that is valued in excess of US$1 billion.
The September funding round was led by South Korean private equity firm STIC Investments. Carousell’s other investors include Singapore’s Economic Development Board’s investment arm, EDBI; along with Temasek unit Heliconia Capital as well as other venture capital firms such as Sequoia India, Golden Gate Ventures, and 500 Startups.
With one in three people in Singapore signed up as users, Carousell has arguably become the country’s most popular e-commerce marketplace. The brand has also established a robust foothold in the Southeast Asian region, having acquired online classified marketplaces Mudah.my in Malaysia, Vietnam’s Cho Tot and Myanmar’s OneKyat in 2019. With an eye on the future, Carousell has identified the used-car marketplace as a growth area it plans to invest heavily in.
Outstanding Young Alumni Award (National University of Singapore)
Eminent Business Alumni Award (National University of Singapore Business School)
Did You Know?
Carousell co-founders Quek, Tan and Ngoo decided to start the business when they were inspired during an internship in Silicon Valley, when they watched presentations from successful tech entrepreneurs such as Twitter’s Jack Dorsey and Facebook’s Mark Zuckerberg.