Refused to sell for $100m, Carousell now said to be worth $500m

Refused to sell for $100m, Carousell now said to be worth $500m

Carousell CEO Siu Rui. Photographer: Ore Huiying/Bloomberg

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.’’

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