701 Search

701 Search originated as a strategic joint venture in 2006, initially formed by Singapore Press Holdings (SPH) and the Norwegian media group Schibsted. This partnership aimed to develop and operate online classifieds platforms across Southeast Asia. A significant milestone occurred in 2013 when Telenor Group, a major Norwegian telecommunications company, joined as an equal partner, injecting further capital and emerging market expertise. The collaboration leveraged Schibsted's extensive experience in online classifieds, SPH's strong regional media presence, and Telenor's deep knowledge of mobile internet technology.

The company's primary business was the operation of several leading online classified marketplaces in various Southeast Asian countries. Its portfolio included prominent sites such as Mudah.my in Malaysia, Chotot.vn in Vietnam, Berniaga.com in Indonesia, and AyosDito.ph in the Philippines. These platforms served the general public, providing digital marketplaces for a wide array of goods and services, including general merchandise, vehicles, property, and jobs. The business model focused on creating high-traffic, user-friendly websites to facilitate consumer-to-consumer and business-to-consumer transactions, aiming for market dominance in each region.

Over the years, the ownership structure evolved. In 2017, SPH sold its stake to Telenor for approximately US$109 million, and Schibsted later divested its share as well, making Telenor the primary stakeholder. The company's journey culminated in a major strategic move in November 2019, when 701Search merged with Carousell, one of Asia's largest and fastest-growing classifieds marketplaces. This merger created a regional powerhouse in the online classifieds sector, with Telenor Group becoming the largest minority shareholder in the combined entity with a 32% stake. Following the merger, the 701Search regional team was integrated into Carousell, while its marketplace brands like Mudah, Chotot, and OneKyat in Myanmar continued to operate under their own names, reporting to Carousell's CEO, Quek Siu Rui.

Keywords: online classifieds, Southeast Asia, joint venture, digital marketplace, Mudah.my, Chotot.vn, Telenor Group, Schibsted, Singapore Press Holdings, Carousell merger