Siu Rui is a co-founder of Carousell, leading Product and Marketing. Since launching in 2012 with Marcus Tan and Lucas Ngoo, he’s driven product strategy, international growth, and capital management. Passionate about technology and online commerce since age 13, Siu Rui’s previous roles include marketing and product management at VSee, Ogilvy & Mather, and DBS Vickers. He studied Business Administration and Entrepreneurship at NUS and Stanford before leaving his Honours year to start Carousell.

Career and Education

Siu Rui completed his Bachelor of Business Administration and Entrepreneurship at the National University of Singapore in 2012, graduating as the Reserve Valedictorian. During his time at NUS, he was honored twice on the Dean’s List and received both the NUS Global Merit Scholarship and the NUS Overseas College (Silicon Valley) Scholarship.

As part of the NUS Overseas College Program, Siu Rui spent a year at Stanford University. During this period in Silicon Valley, he gained valuable experience working full-time as an intern at VSee, a tech start-up. He credits his time in Silicon Valley with deepening his appreciation for the start-up culture, where there is a constant drive to find innovative solutions to existing challenges.

Forbes Asia 30

In May 2012, Siu Rui made the bold decision to leave his Honours year to focus full-time on Carousell. He faced disappointment from his parents and wrestled with concerns about larger companies potentially overshadowing their start-up. Despite these obstacles, Siu Rui’s efforts with Carousell earned him a spot on Forbes Asia’s 30 Under 30 list in 2018. By 2019, it was reported that the Carousell CEO was driving a second-hand car purchased through his own platform.

Singapore Start-up Weekend (March 2012)

In 2012, Quek Siu Rui, Lucas Ngoo, and Marcus Tan developed and pitched Carousell. The idea for Carousell emerged from Siu Rui’s frustration with selling his old Macbook through traditional forums and classified ads, which he found cumbersome. Seeking a more streamlined solution, he, along with Marcus and Lucas, created “Snapsell” — a virtual flea market for buying and selling second-hand items.

They presented Snapsell during the Singapore Startup Weekend in March 2012. Siu Rui recalls that their pitch almost didn’t make it past the initial one-minute presentation for 40 ideas, and they fell short in the final round. However, as some teams dropped out, they managed to advance to the final pitching stage.

The team spent 54 hours overcoming technical challenges and ultimately won the top prize at Startup Weekend. Their reward included office space at Blk 71, a start-up hub at Ayer Rajah Crescent, and an opportunity to pitch at Angel’s Gate, where they could seek investors and funding.

Siu Rui mentioned that the name “Carousell” was inspired by the television series Mad Men, where Don Draper pitches the Kodak Carousel. They adapted the name, adding an ‘l’ to reflect the concept of selling.

Launch (August 2012)

For three months, Siu Rui and his co-founders dedicated their weekends to visiting flea markets, gathering feedback from both sellers and shoppers. Out of the 100 sellers they approached, 70 embraced the idea of Carousell, contributing 700 listings to the marketplace. Unfortunately, these listings were accidentally deleted just two weeks before the launch.

After four months of intense preparation, the team officially launched Carousell on August 13, 2012. The first item sold on the platform was an Amazon Kindle e-reader, priced at S$75. During the initial 18 months, Siu Rui and his co-founders worked without salaries and had to persuade their parents to support their start-up venture.

Further Growth (2014 – Present)

In 2014, Siu Rui turned down a US$100 million offer to sell Carousell, inspired by Mark Zuckerberg’s decision to keep Facebook in its early days. By 2016, Carousell had facilitated over 8 million transactions and accumulated 26 million user listings.

Since 2015, Carousell has hosted Carouselland, a flagship flea market event featuring lifestyle influencer sessions, workshops, and games. The company moved its headquarters to Keppel Towers in 2017.

Business Acquisitions

In 2016, Carousell acquired Caarly, an online platform for used car listings, prompted by a rise in used car listings and a demographic shift towards users with higher purchasing power. Carousell also acquired six developers from Watch Over Me, a safety app for women, in an acquihire. Additionally, Carousell brought on Andrius Baranauskas, who helped Vinted grow to 11 million members in eight countries, and JJ Chai, Airbnb’s Southeast Asia lead, to manage international expansion.

In 2017, Carousell acquired Duriana, a Malaysian online marketplace with 600,000 registered users, enabling expansion into new markets. By 2019, Carousell had a presence in Australia, Canada, Hong Kong, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, and Taiwan.

Siu Rui’s long-term vision for Carousell is to make online selling accessible to every smartphone user worldwide. With the acquisition of OLX Philippines in April 2019, Carousell’s primary focus for the next 2 to 3 years is to solidify its leadership in the Southeast Asian classifieds sector.

Technological Innovations

In a 2018 Forbes interview, Siu Rui outlined Carousell’s plans to incorporate artificial intelligence, focusing on AI-powered listings. He noted that the platform aims to leverage “predictive and automated capabilities” to enhance the overall buying and selling experience.

In June 2018, Carousell introduced Caroupay, a payment system that enables users to complete transactions within the app. Carousell has partnered with major financial institutions, including DBS, Stripe, and Visa, to facilitate payments via DBS Paylah!, as well as credit and debit cards.

By 2019, Carousell was exploring monetization strategies to boost sales and profits. This included the introduction of paid advertisements and partnerships, as well as Carousell Pro, a subscription service tailored for car dealers and property agents in Singapore.