Lee Bagshaw has advised leading Singapore peer-to-peer marketplace Carousell on its acquisition of car marketplace Caarly.

The acquisition sees Carousell take on all of Caarly employees in order to leverage their automotive sector experience. Carousell will inherit Caarly’s 200 used car dealers, which will be integrated into its current car marketplace platform.

Given that Carousell has over 41 million listings on its marketplace, the focus is now on the company’s monetisation strategy through premium listing services and subscriptions. Operating within the high value vertical of motor vehicles represents a natural progression for the platform whose user base has increasing spending power.

Co-founder and CEO of Carousell, Siu Rui Quek, has said that the company will also be looking at exciting new areas such as machine learning and A.I. to help develop customer engagement.

Carousell closed a US$35million series B financing round earlier this year led by Rakuten Ventures. The company also recently completed an acquihire of Watch Over Me, a Malaysian based personal safety app, a deal on which Simmonds Stewart also advised.

by , 28 October 2016