Quek Rui on market fragmentation
From BEYOND UNICORNS: BUILDING SUSTAINABLE GROWTH | ORIGIN · · BEYOND Expo
“Southeast Asia is highly fragmented — language, culture, geography, payment and shipping preferences differ — so startups have to take a long-term view and systematically build regional capabilities; the operational complexity is high but it's a meaningful long-term investment.”
On , Quek Rui, CEO & Co-Founder at Carousell, spoke about market fragmentation during BEYOND UNICORNS: BUILDING SUSTAINABLE GROWTH | ORIGIN on BEYOND Expo.
About Quek Rui
Quek Siu Rui, co-founder and CEO of Carousell, has emphasized the company's focus on recommerce and sustainable growth. In late 2024, he described Carousell's mission as making "secondhand the first choice" and noted that the company has been operating for 12 years while still being "less than 1% done." He stated that the company is investing in trust and convenience through initiatives such as a "Certified" authentication program for luxury goods and the Refash clothing resale service, which allows users to drop off unwanted clothes at physical stores. Quek said Carousell is "well capitalized" and on track to profitability, with revenue growing over 60% in the prior year and an expectation to "healthily reduce" losses. Quek has also discussed the long-term challenges and opportunities of operating in Southeast Asia, describing the region as "highly fragmented" in language, culture, and logistics. He cited the global trend toward sustainability and the circular economy as a "major tailwind" for recommerce. Reflecting on the company's journey, Quek said that "meaningful things do take time" and that the "best years are ahead of us." He has credited the company's early focus on a mobile-first "snap-sell" experience and a disciplined approach to product-market fit as foundational to its growth.