Online marketplace Carousell has reportedly acquired OLX Philippines. The deal is said to be part of an investment by multinational Internet company Naspers, which owns the OLX Group.
Naspers started talks with Carousell in June last year, with the former interested in acquiring a minority stake in the Singaporean firm. It was reported that Naspers has invested $42 million in Carousel in a deal that valued the company at $365 million. Carousell had earlier raised a total of $126 million prior to this deal.
The investment makes Naspers’ OLX Group the third largest shareholder in Carousell at 11.5%, after Rakuten with 29.6% and Sequoia India at 15.1%.
Earlier this month, OLX Group sold its operations in Kenya, Ghana, Uganda and Tanzania to African classifieds company Jiji. “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,” said Sjoerd Nikkelen, OLX Group’s general manager for Africa, Middle East and Asia.
OLX Group’s sale of its Philippines operations to Carousell gives the Singapore-based online marketplace the platform it needs to establish a wider and more visible presence in the country. Aside from the Philippines, Carousell also operates in Australia, Hong Kong, Indonesia, Malaysia, Singapore and Taiwan.
OLX became the largest classifieds website in the Philippines following its acquisition of erstwhile leader Sulit.com.ph in 2009 and eventual merger in 2013.