Singapore-based e-commerce company Carousell has announced the closing of an US$85-million Series C funding round led by Rakuten Ventures and EDBI. Carousell CEO Aaron Tan said the additional capital will be spent on business development in Indonesia, Thailand and Singapore, aim to boost its coffers on fast-growing classifieds app and innovates in spaces like artificial intelligence.

In Indonesia, Carousell, known as a used-for-sale trading platform, has about 8.8 million listings, with an average of about 100 pre-loved items being registered to the platform in a minute. Of the total number of users in Carousell are mostly individuals and only a few shopkeepers who sell used goods take advantage of Carousell.