Source:
https://scmp.com/news/asia/southeast-asia/article/2149261/26-year-old-singaporean-geek-turned-down-us100m-his-app-it
Asia/ Southeast Asia

A 26-year-old Singaporean geek turned down US$100m for his app. It was a great call

Quek Siu Rui’s app for selling used goods, Carousell, is now valued at US$500m, but he says the firm is ‘less than one per cent done’

Quek Siu Rui, founder and chief executive officer of Carousell, which operates in seven markets including Singapore, Hong Kong and Australia, and is one of the region's most popular virtual flea markets. Photo: Bloomberg

A few years ago, Quek Siu Rui huddled with the board of his Singapore start-up to consider whether to sell. Quek was only 26 and the US$100 million offer would have made him wealthy beyond his dreams. But he said no: He wanted to keep building the business.

Excellent 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.”