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11street Malaysia commits to long term after parent’s Indonesian exit

Just days after its parent company announced an exit from Indonesia, 11street Malaysia says it is confident of its long-term growth prospects.

11street is effectively the online business unit of giant Korean telco SK Telecom, which last week said it was selling its 50 per cent stake in Indonesian e-commerce venture Elevenia to Lotte, a company it is pursuing a joint venture opportunity with in their home market.

In Malaysia, 11Street is operated by Celcom Planet, a joint venture between Celcom Axiata Berhad and SK Planet. Celcom Planet CEO Hoseok Kim (pictured) says since its launch in April 2015, 11Street Malaysia has rapidly grown into a first tier e-commerce provider of an open-market platform with 40 thousand listed sellers, 13 million registered products for sale and 16 million monthly visits.

“We are very pleased with the success and progress that 11street Malaysia has made in less than three years since its launch and we are confident that we will be the number one marketplace in Malaysia within the next three years”, said Kim.

He added that the company is currently looking at various strategic options including funding from strategic partners to prepare for the next phase of accelerated growth.

Sungwon Suh, CEO of SK Planet, backed up Kim’s comments.

“Recently, SK Planet has made a strategic decision to pick and choose battlegrounds where we can win and Malaysia is [one of] the battlegrounds, one of the fastest-growing and infrastructure-ready e-commerce markets in Southeast Asia,” said Suh.

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