Why a 26-Year-Old Turned Down $100 Million Offer for His Startup
- Carousell is a popular mobile classifieds app in Asia Pacific
- CEO drew inspiration from Mark Zuckerberg, now his rival
Carousell
Photographer: Ore Huiying/Bloomberg
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A few years ago, Quek Siu Rui huddled with the board of his Singapore startup to consider whether to sell. Quek was only 26 and the $100 million offer would have made him wealthy beyond his dreams. But he said no: He wanted to keep building the business.
Good call. Quek’s company, an app for selling used goods called Carousell, is now valued at about $500 million, according to a person familiar with the matter. The CEO doesn’t regret his choice. “This is a once-in-a-lifetime opportunity,’’ Quek said in an interview. “We want to build an enduring company.’’