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Why a 26-Year-Old Turned Down $100 Million Offer for His Startup

By Yoolim Lee
June 5, 2018, 4:00 AM GMT+8

A few years ago, Quek Siu Rui huddled with the board of his Singapore startup to consider whether to sell. Quek was only 26 and the $100 million offer would have made him wealthy beyond his dreams. But he said no: He wanted to keep building the business.

Good call. Quek’s company, an app for selling used goods called Carousell, is now valued at about $500 million, according to a person familiar with the matter. The CEO doesn’t regret his choice. “This is a once-in-a-lifetime opportunity,’’ Quek said in an interview. “We want to build an enduring company.’’

Six-year-old Carousell operates in seven markets including Singapore, Hong Kong and Australia and is one of the region’s most popular virtual flea markets. People use it to sell everything from second-hand cars and couches to game consoles and, as of this week, purple wigs.

After raising $85 million in a recent funding round, Carousell plans to build out its existing markets, which also include Indonesia, the Philippines and Taiwan, before expanding to more countries. It’s part of a league of classified marketplaces, including Seattle-based OfferUp Inc. and Japan’s Mercari Inc., that are aiming to challenge Ebay Inc. and Craigslist Inc.

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kudos to Mr Quek! Big Grin $500 milos worth and counting! Smile
Carousell vs Alibaba va Amazon...? Big Grin