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Online marketplace Carousell, a Singapore-based start-up, has partnered with venture capital Sequoia India and secured 6 million U.S. dollars in series A funding, it said on Thursday.
The company's existing investors such as Rakuten Ventures, Golden Gate Ventures, 500 Startups and BillPin Chief Executive Officer Darius Cheung also participated in the latest funding round.
Carousell said the funding will be used for expansion to markets like Malaysia, Indonesia and Taiwan, while also growing its engineering, product and community teams.
Launched in 2012, Carousell is a mobile-first marketplace that aims to make "online buying and selling accessible to everyone", said co-founder Quek Siu Rui.
The app is available on Google Play and the Apple App store. Carousell said that over 2 million items have been sold on the service, an average of eight transactions every minute.
"Going mobile-first is necessary as there are now 2 billion people accessing the Internet via smartphones, many of whom are increasingly using smartphones as the primary means of connecting to the Internet," Quek said.
