Singapore’s largest recommerce group, Carousell Group, has acquired Indonesian electronics recommerce platform Laku6 for an undisclosed sum as part of its effort to further expand in Greater Southeast Asia.
The AI-driven end-to-end electronics recommerce platform was founded in 2016 in Indonesia and was a fully-owned subsidiary of Singapore-based company Rebonics. The platform has processed more than half a million mobile phone transactions and has served more than 16,000 merchants in its home market.
“With Carousell’s scale and investment, we are well-placed to create a winning formula and offer our proven solutions to a very large audience of end-users and merchants,” said Alvin Yap, founder and CEO of Laku6.
Carousell said it partnered with Heliconia Capital to commit US$25 million to invest in and take control of Laku6. The acquisition deal follows Heliconia’s earlier investment in Carousell last October and Carousell’s acquisition of Ox Street and Refash earlier this year.
“This partnership provides for a potent combination to secure Carousell’s leadership in the Greater Southeast Asia electronics recommerce market,” said Quek Siu Rui, co-founder and CEO of Carousell.
According to research by RedSeer Strategy, Greater Southeast Asia’s electronic recommerce industry is projected to grow more than 2.5 times to US$18.6 billion by 2026.