South Korea’s Karrot Market, an online marketplace for second-hand products, has reached a valuation of $1.8 billion, up from $1.2 billion just at the start of this year.
The marketplace’s app was the third more downloaded in Q1 2020, falling behind Coupang Eats and Zoom.
The increase in the company’s valuation comes at a time when various players in the Korean eCommerce industry have seen a significant improvement in their business, including Coupang, which recently went public in the U.S.
The marketplace, which is also known as Danggeun Market, has attracted investments from national and international firms, including Altos Ventures, SoftBank Ventures and Kakao Ventures, totaling up to nearly $43 million.
It is estimated that the company’s valuation could reach $4.5 billion if it continues on its current trajectory and carries through on its plans to go global.
The marketplace was co-founded by two former Kakao employees in 2015. The company today accounts for 77 percent of the market share and has more than 13.2 million users, the Korea Times reported.