Carousell, a Singapore-based mobile commerce platform backed by e-commerce firm Rakuten, raised $45.3m last year, Tech in Asia reported on Friday citing a securities filing with local regulator, Accounting and Corporate Regulatory Authority.
The figure contradicts reports in October 2017 that Carousell had raised between $70m and $80m in its series C round, though it is possible the $45m represent an initial tranche. Carousell declined at the time to confirm the round.
The document also shows that Edbi, the investment arm of Singapore’s statutory board Economic Development Board, has joined Carousell’s shareholders, though details on its precise involvement have not been revealed.
Founded in 2012, Carousell operates a mobile classifieds app for users to sell and purchase second-hand goods and offer services. The app currently lists more than 100 million offerings and is available across seven countries.
Rakuten Ventures, the corporate venturing arm of Rakuten, previously led a $35m series B round in August 2016, with participation from Sequoia Capital, Golden Gate Ventures and 500 Startups.
In 2014, Rakuten Ventures backed a $6m series A round that was led by Sequoia and also featured Golden Gate, 500 Startups and private investor Darius Cheung.
Rakuten Ventures had already led a $800,000 seed round in 2013, with contributions from Sequoia, Golden Gate, 500 Startups and individual investors.