Carousell buys VC-backed Indonesia re-commerce platform
Carousell, a Singapore-based mobile classifieds marketplace for second-hand goods, has acquired Indonesian re-commerce platform Laku6 with support from Temasek Holdings-owned Heliconia Capital.
Laku6 previously received seed funding from Golden Gate Ventures in 2015 around the time of its founding. Tokopedia – now part of mobility, commerce, and financial services super app GoTo – invested an undisclosed sum in 2019, AVCJ Research’s records show.
The company operates a C2B marketplace that helps individuals sell electronic devices – typically mobile phones – to trade buyers who position them for resale. The technology is underpinned by a remote diagnostic system that has product grading and pricing analytics capabilities. It can inspect a mobile phone in two minutes and close sales within an hour.
Laku6 has processed over 500,000 transactions, serving over 16,000 merchants, and realising USD 50m in proceeds for sellers.
Carousell believes the acquisition – and integration of Laku6’s technology – will establish it as the market leader in Southeast Asia for electronics re-commerce. According to RedSeer Strategy Consultants, this market will grow 2.5x over the next four years to reach USD 18.6bn.
As one of the largest classifieds marketplaces for second-hand goods in the region, Carousell already sees about 2m new listings each month in the electronics category. The company has made several other acquisitions to bolster its competitive position, including Ox Street, a streetwear marketplace, and Refash, an omnichannel fashion re-commerce platform.
“The electronics re-commerce opportunity is one that is win-win-win: great for users with affordable like-new devices, beneficial to the environment as people sell and buy second-hand instead of new, and an exciting business opportunity with over 2.5x electronics re-commerce growth potential ahead,” said Quek Siu Rui, co-founder and CEO of Carousell, in a statement.
Carousell and Heliconia together paid USD 25m for Laku6, local media reported. This follows an investment by Heliconia in Carousell in October 2021. A month earlier, Carousell announced a USD 100m round led by Korea’s STIC Investments at a valuation of USD 1.1bn.
The company has also received funding from Korean technology conglomerate Naver, Japanese e-commerce player Rakuten, 500 Startups, Sequoia Capital India, DBS Group, Naspers, and Quest Ventures. Golden Gate is also an investor.
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