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How Quek Siu Rui Turned a Simple Idea into Carousell’s Billion-Dollar Marketplace 🚀📱
Build Wealth Give Wealth
January 05, 2025 • Estimated Reading Time: 8 minutes
Carousell’s 3 co-founders from left to right, Marcus Tan, Lucas Ngoo and Siu Rui Quek. (Carousell)
TL;DR
From a small, scrappy startup to a multi-billion-dollar marketplace, Quek Siu Rui’s journey with Carousell is a story of persistence, adaptability, and smart innovation. Find out how he took risks, overcame challenges, and built an empire from an idea!
The Humble Beginnings of Carousell
Quek Siu Rui, the visionary behind Carousell, might be a household name today, but his journey to success wasn’t as smooth as one might think.
Born and raised in Singapore, Quek didn’t have a clear vision of what he wanted to do with his life when he was younger.
In fact, he started off just like many of us—unsure of where to go.
After completing his degree at the National University of Singapore, Quek’s career started with a role in a big consulting firm.
But let’s be honest, he was never the corporate type.
Like many entrepreneurs, he had that itch—the desire to do something bigger, to break free from the traditional 9 to 5, and to change the world.
Then came the “aha” moment.
While working in consulting and reflecting on the world around him, Quek saw an opportunity.
The secondhand market was huge, yet there wasn’t a simple, mobile-first solution to buy and sell things in Southeast Asia.
That’s when he came up with the idea for Carousell, a platform that would enable people to sell anything, anytime, anywhere, straight from their smartphones.
It was a simple concept, but its simplicity became its power.
Why Carousell? 🎡💡
The name "Carousell" was inspired by a moment in Mad Men when Don Draper described Kodak's slide projector, which could move forward and backward, telling the story of people's lives through images.
This resonated deeply with the Carousell co-founders, who envisioned the platform as a place where people could share both new and old things along with the stories behind them.
The addition of the letter “L” not only gave the name a distinctive twist, but also emphasized the "sell" aspect of the marketplace, perfectly capturing the essence of a dynamic, community-driven platform for buying and selling.
From Zero to Hero: How Quek Overcame Early Struggles
Building a business from scratch is no walk in the park, and Quek soon found out just how tough it could be.
When he started Carousell in 2012 with his co-founders, Marcus Tan and Lucas Ngoo, they were operating on a shoestring budget.
They didn’t have a ton of money, but they had an idea and a lot of drive.
In the beginning, things didn’t exactly take off.
There were plenty of sleepless nights, and the founders had to get creative to keep the lights on.
One of their biggest challenges was convincing people to buy into the idea of an app where they could buy and sell goods from strangers.
Carousell was a brand-new concept in Southeast Asia, and the team had to hustle hard to get people to trust it.
But Quek and his team weren’t ones to give up easily.
They spent hours working on the app, improving the user experience and working with influencers to spread the word.
Slowly but surely, Carousell gained traction.
But it wasn’t until a year later that the app started to gain real momentum.
The breakthrough came when Carousell caught the attention of investors, securing its first round of funding, which enabled them to scale rapidly across the region.
The early days were filled with setbacks and challenges, but Quek always believed that if they kept working on the product and adapting to user feedback, success would follow.
A Billion-Dollar Journey
Now, Carousell is one of the leading online marketplaces in Southeast Asia, valued at over $1 billion.
But getting there wasn’t as easy as it might seem.
Along the way, Quek faced challenges that would have discouraged many people.
For instance, as Carousell started to scale, the team had to deal with increased competition from bigger e-commerce platforms.
In the early days, Carousell was mostly used for secondhand goods, but Quek knew that to survive, the platform had to offer more than just used items.
Carousell quickly evolved into a marketplace for anything and everything, from electronics to fashion, real estate, and even jobs.
It was this adaptability that helped them survive in the competitive e-commerce world.
One of the biggest challenges Carousell faced was maintaining its identity as it scaled.
Many new employees and stakeholders joined the company, and as a startup, it was crucial to preserve the culture and vision that made Carousell so unique.
Quek worked hard to ensure that Carousell stayed true to its mission of being a user-friendly, trustworthy, and inclusive platform.
And it paid off.
The company has also expanded into multiple countries, including Indonesia, the Philippines, and even Australia, making it one of the largest mobile-first marketplace platforms in Southeast Asia.
What We Can Learn from Quek Siu Rui’s Journey
1. Don’t Be Afraid to Start Small
Carousell started with a simple, small idea—helping people buy and sell things on their phones.
Quek didn’t need a huge budget or a big team; he started with what he had and focused on creating a simple, effective product.
2. Embrace the Power of Persistence
Quek faced numerous challenges, from lack of funding to stiff competition.
But through perseverance and a relentless focus on improving the product, Carousell grew into the powerhouse it is today.
3. Adapt and Evolve
The digital world moves fast, and Carousell’s ability to evolve from a platform focused on secondhand goods to a full-fledged marketplace was key to its success.
In business, you have to be willing to adapt to changing times and consumer needs.
Quek didn’t do it alone.
His co-founders and early employees played a crucial role in building Carousell.
Surrounding yourself with passionate, talented people who believe in your vision is one of the best ways to achieve success.
5. Stay True to Your Mission
Despite the growth and scaling, Quek has remained focused on what Carousell is all about—making it easy for people to buy and sell in a safe, accessible way.
In the face of competition, staying true to your original vision is a powerful way to stand out.
Final Thoughts 🌟
Quek Siu Rui’s story is a perfect example of how small ideas, when backed by hard work, resilience, and the ability to adapt, can turn into billion-dollar success stories.
His journey from a small startup to Southeast Asia’s leading marketplace reminds us that the road to success is often paved with challenges, but with the right mindset, perseverance, and a clear vision, it’s possible to build something that lasts.
Whether you’re thinking about starting your own business or just pursuing a personal goal, Quek’s story is a testament to the power of persistence and adaptability.
So, take a page from his book: keep pushing forward, stay true to your vision, and who knows?
Maybe you’ll be the next big success story!
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