Singapore-based Carousell Group, a multi-category classifieds and recommerce platform focusing on Southeast Asia, has achieved positive EBITDA in its fiscal year 2025, with revenue growing 18 percent year-on-year to $141 million, nearly tripling since FY21.

In a statement on Tuesday, Carousell said recommerce emerged as the company’s largest contributor to revenue growth, with recommerce revenue growing 40 percent year-on-year and accounting for 45 percent of total revenue. By the end of FY25, Carousell operated 29 physical stores across Singapore, Hong Kong, Malaysia, and Indonesia, contributing to more than 20 percent GMV uplift across its luxury, mobile phones, and fashion businesses.

The company said AI is already delivering measurable impact, enabling sellers to create listings in as little as three seconds and helping ensure more than 99 percent of transactions across its markets are completed without a scam incident.

Siu Rui Quek, Co-founder and CEO of Carousell Group, said the company has evolved from a classifieds marketplace into a multi-category recommerce platform with multiple revenue streams and a growing transaction business, and that AI is the next layer in that evolution to make buying and selling simpler, smarter, and more trusted.

For FY26, Carousell Group said it will focus on scaling its recommerce business by expanding trusted transaction services and rolling out proven recommerce models across regional markets. Carousell Group will also continue to invest in AI to strengthen marketplace trust and improve user experiences.

Founded in August 2012 in Singapore, Carousell Group operates across seven markets under the brands Carousell, Cho Tot, Laku6, LuxLexicon, Mudah.my, OneShift, REFASH, and Revo Financial, serving tens of millions of users. The company is backed by investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments, 500 Global, and Peak XV Partners.

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