Singapore, 26 July 2022 – Carousell Group, the leading recommerce group in the Greater Southeast Asia region, today announced that it has acquired control of Laku6, the leading AI-first end-to-end electronics recommerce platform in Indonesia, as part of its vision to make secondhand the first choice for users.
Temasek unit Heliconia Capital will be supporting Carousell Group in its acquisition of Laku6 and in accelerating circularity in secondhand electronics. The deal follows the initial investment Heliconia made into Carousell, less than a year ago in October 2021.
This partnership between Carousell Group and Laku6 will position Carousell Group as the market leader in the Greater Southeast Asia’s electronic recommerce industry, which is slated to grow over 2.5X to US$18.6 billion by 2026, based on research by RedSeer Strategy Consultants.
Having inspected and transacted over half a million mobile phones and served over 16,000 mobile phone merchants, Laku6’s proprietary AI-first remote diagnostic technology can remotely inspect the condition of secondhand mobile phones in under 2 minutes. This makes selling easy, as it allows consumers to encash their phones in as quick as 1 hour. This proprietary solution is capable of remotely inspecting both software and hardware functionalities, including visible screen damage, and helps establish a credible inspection process to instill both buyer and seller confidence.
“This partnership provides for a potent combination to secure Carousell’s leadership in the Greater Southeast Asia electronics recommerce market–bringing together Laku6’s AI-first remote diagnostic technology, Carousell’s regional recommerce platform of tens of millions of users, and one of the largest capital investments to-date into the region’s electronics recommerce space. We are truly excited to partner with Alvin, Shing Kae, and the entire Laku6 team. The electronics recommerce 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 secondhand instead of new, and an exciting business opportunity with over 2.5X electronics recommerce growth potential ahead,” said Quek Siu Rui, Co-founder and CEO of Carousell.
“It is exciting to be part of a regional leader that aligns with Laku6’s vision. Carousell and Laku6 share a deep commitment of making secondhand the first choice and the demand for electronics recommerce is growing faster than ever in Greater Southeast Asia. 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.
Every quarter, Carousell sees about 2 million new listings in its electronics category, making it one of the largest platforms to transact used electronics, and particularly mobile phones, in the region. Laku6’s proprietary solutions, pricing algorithms and instant cash service, when integrated with Carousell’s wide user network, will make buying and selling used electronics more accessible than ever before for millions of users.
As the fastest growing waste stream globally, the e-waste crisis has been perpetuated by a rapid increase in electronic consumption and shorter gadget lifespans, with Asia consistently generating the highest quantity of e-waste globally. By making it easier for our users to sell their idle devices and buying certified used devices, Carousell and Laku6 aim to extend the life cycle of electronics goods, thereby slowing down the growth of toxic e-waste.
This partnership also follows Carousell’s acquisition of Ox Street, the leading authenticated streetwear marketplace, and Refash, Singapore’s largest omnichannel fashion recommerce retailer, and reflects the group’s strategic focus to cement its leadership position in the recommerce arena across verticals from fashion to electronics, and its commitment to making second hand the first choice.
About Carousell Group
Carousell Group is the leading recommerce group in Greater Southeast Asia on a mission to inspire the world to start selling and to make secondhand the first choice. Founded in August 2012 in Singapore, the Group has a leading presence in eight markets under the brands Carousell, Mudah.my, Cho Tot, OneKyat, Ox Street and Refash, serving tens of millions of monthly active users. Carousell is backed by leading investors including Telenor Group, Rakuten Ventures, Naver, STIC Investments and Sequoia Capital India. Visit here for more information.
Founded in 2016 in Indonesia, Laku6 is a founder-led fully-owned subsidiary of Rebonics Pte. Ltd., a company registered in Singapore. It is a leading online electronics recommerce player in Indonesia. Through its proprietary remote diagnostic tech-platform assisted by a well-accepted grading system & pricing analytics capability, Laku6 has processed over half a million mobile phone transactions and has served over 16,000 merchants in Indonesia.
About Heliconia Capital
Heliconia Capital Management Pte Ltd is an investment firm and a wholly-owned subsidiary
of Singapore investment company, Temasek Holdings (Private) Limited, that provides growth capital for Singapore’s leading small and medium-sized enterprises, helping them become globally competitive companies.