Carousell picks former Razer executive Edwin Chan as CFO

Singapore

HOMEGROWN classifieds startup Carousell has appointed Edwin Chan, who was a longtime key executive at Razer, to lead its capital strategy as chief financial officer, the startup told The Business Times on Tuesday.

When asked if Carousell has any upcoming plans for a fundraise, public listing or mergers and acquisitions, chief executive Quek Siu Rui said that the company is "well-capitalised for the next couple of years".

"We consider all options as we continue to grow, and if there are opportunities for strategic partnerships and M&A that can help in fulfilling our mission, we'd be most open to explore them," he added.

Carousell was last valued at about US$874 million, according to data platform VentureCap Insights. The company's hiring of Mr Chan comes as the startup is widely expected to pursue a listing or trade sale in the near to mid-term.

Mr Chan had joined Razer back in 2009 as director of corporate finance, and served as chief financial officer of the gaming hardware maker from 2013 to 2019. He took charge of the finance, accounting, tax and investor relations functions, seeing the company through its initial public offering in 2017.

He then spent a year as chief investment officer at Razer, before leaving the company earlier this year.

Carousell's previous CFO was Rakesh Malani, who held the role from 2016 to 2020. He was also the first CFO of Carousell. After his departure, finance vice-president David Cheng stepped in as interim CFO.

In his new role, Mr Chan will take charge of Carousell's overall capital strategy, which includes corporate development, fundraising and M&A, Carousell said. He will report to Mr Quek.

Mr Chan will also oversee corporate controllership and accounting, financial reporting, investor relations, legal and compliance functions. His 12-year experience with Razer will be "invaluable as we chart our next chapter", said Mr Quek.

"Lucas, Marcus and I look forward to working with Edwin and learning from each other to better serve our community," added Mr Quek, in reference to Carousell's two other co-founders, Marcus Tan and Lucas Ngoo.

Mr Chan said that he had connected with Mr Quek many years ago as a "fan and user" of the platform.

"I am truly honoured to be part of the team's journey as Carousell continues to be at the cutting edge of reimagining online classifieds and becoming the leading brand in key vertical segments," he said.

In September last year, BT reported that Carousell aims to provide its investors an exit by 2024, according to its regulatory filings.

Its exit options are stated as including an initial public offering (IPO), trade sale, secondary sale or share buyback. The exit price is defined as at least 1.25 times the subscription price paid per share. This could imply an exit valuation of about US$1.1 billion at the minimum.

Asked about Carousell's milestones ahead, Mr Quek said that the company is focusing on its autos vertical, as well as promoting the adoption of buying second-hand goods, or "recommerce".

"We've got exciting initiatives in this area planned for the rest of the year and we hope to share more soon," he said.