With one in three Singaporeans a user of the app, Carousell’s Quek Siu Rui is leading the digital charge to disrupt the e-commerce landscape by making it as effortless as possible to participate in the circular economy
After being mostly grounded through the pandemic, many in Singapore are excitedly planning upcoming vacations via the recently launched Vaccinated Travel Lane (VTL) scheme. But not Carousell co-founder and CEO Quek Siu Rui. “None of the countries we operate in currently have VTL schemes,” says Quek, entirely disregarding the notion of even going on holiday.
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It is an apt reflection of his current headspace. For the past few years, it has been all systems go for Quek. In 2019, Carousell acquired online classified marketplaces Mudah.my in Malaysia, Cho Tot in Vietnam and OneKyat in Myanmar, cementing the company’s leading position in Southeast Asia in this e-commerce category. At the heart of it all is a deep-rooted ambition to, in Quek’s words, “make second hand the first choice”, as a way to reduce Man’s impact on the planet.
Carousell is already arguably Singapore’s most popular e-commerce marketplace, with one in three in the country signed up as users. The beauty of the platform lies in its practically encyclopedic range of products and services. Quirky finds, such as tarot card readings, purple McDonald’s packaging that was used for its tie-up with K-pop band BTS and canned Singapore air “sourced” from iconic locations the likes of the Singapore Botanic Gardens, ensure it is always entertaining to scroll through the app. But there are also true treasures to be uncovered—think authentic vintage bags and prosaic but useful services such as the transportation of bulky items.
This year, Carousell secured an investment of US$100 million in a funding round led by South Korean private equity firm STIC Investments, taking its valuation to US$1.1 billion and making it Southeast Asia’s latest unicorn. This funding round will enable Carousell to cement the company’s position as the leading online classifieds platform in the region. Up next: Quek is reportedly mulling an upcoming initial public offering. No wonder taking a break is the last thing on his mind.
“It has been a few good years,” says Quek, whose strongheaded personality shines through in all that he does, whether it is focusing on continually growing his company or insisting that he is photographed in his signature look of jeans and a black T-shirt.
He notes that the pandemic has in fact made Carousell’s recommerce model of allowing users to easily list their unwanted items for sale even more applicable in everyday life. “We certainly feel that more people are turning to digital experiences and more are using Carousell to buy and sell, whether to make ends meet, to be able to afford what they need, to live more sustainably or simply to share their passions,” he says with conviction.
