Carousell completed a merger with 701Search, valuing at $850m.

701Search, the online marketplace owned by Telenor Group, completed a merger with Carousell, an online mobile classified service provider. The transaction was closed immediately, as no regulatory approval was required. "I am excited to work with our new teammates to learn about the dynamics of these local markets, create win-win opportunities that are mutually beneficial for our community of users, and inspire even more people to start selling and buying,” Quek Siu Rui, Carousell CO-Founder and CEO.