Carousell acquires SG online sneaker marketplace Ox Street

Carousell has acquired Singapore-based online sneaker marketplace Ox Street in a move aimed at pushing the Southeast Asian classifieds firm further into new and fast emerging e-commerce segments.

According to a joint statement, Ox Street will continue to operate as its own brand, retaining its name, platform and team.

Ox Street, founded in 2019 by Gijs Verheijke, was fully bought out by Carousell in a transaction that saw the firm pick up 117,204 ordinary Carousell shares worth over $2 million. Verheijke was the largest shareholder of Ox Street, according to ACRA filings.

Ox Street operates as an end-to-end marketplace focused on authenticated sneakers and streetwear in Southeast Asia. The team inspects and authenticates each pair of sneakers before it reaches buyers. The firm intends to leverage Carousell’s online reach of millions of users.

Carousell, on the other hand, intends to benefit by capturing growth in categories driven by Gen Z trends. According to Statista, the global sneaker market was valued at approximately $79 billion in 2020 and is forecasted to hit $120 billion by 2026.

“We are excited to partner with Gijs and team in our mission to inspire the world to start selling. We share common values in being user-first and in building communities, as evidenced by the brand love they have created amongst their dedicated community of sneakerheads and fashion enthusiasts, especially amongst the Gen Z,” said Quek Siu Rui, co-founder and CEO of Carousell.

“We initially started a conversation with Carousell on partnering up to provide authentication as a service for sneakers, but as discussions progressed we found so much common ground in how we see the future, that we decided it would be much more powerful for Ox Street to fully join the Carousell group,” said Gijs Verheijke, founder and CEO of Ox Street.

“Our focus markets align nearly 1 to 1, and in these markets, Carousell was actually the first, and remains the largest marketplace for sneakers and streetwear. We started Ox Street to bring a more seamless experience to buying and selling in these categories, and it’s very exciting that we can now continue building our vision for this space on a much larger scale,” he added.

This acquisition by Carousell follows a $100-million fundraise led by South Korean investment firm STIC Investments, pegging the classifieds firm at $1.1 billion. Carousell has also been tipped to be on route to an IPO, with reports adding that the firm is seeking a special purpose acquisition company (SPAC) exit in the US.

Carousell currently operates in nine markets across Southeast Asia and Taiwan under the brands Carousell, Mudah.my (in Malaysia), Cho Tot (Vietnam) and OneKyat (Myanmar). Its investors include Mirae Asset-Naver Asia Growth Fund, NH Investment & Securities, Telenor Group, Rakuten Ventures, Sequoia India, Naspers, and Naver.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.