Singapore – Recommerce group Carousell has acquired control of Laku6, an Indonesian electronics recommerce platform, which positions Carousell Group as a market leader in the Greater Southeast Asia’s electronic recommerce industry.
Temasek unit Heliconia Capital will be supporting Carousell Group in its acquisition of Laku6 and in accelerating circularity in second hand electronics. The deal follows the initial investment Heliconia made into Carousell, less than a year ago in October 2021.
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.
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.
Quek Siu Rui, co-founder and CEO of Carousell, said, “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.”
He added, “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 second hand instead of new, and an exciting business opportunity with over 2.5X electronics recommerce growth potential ahead.”
Meanwhile, Alvin Yap, founder and CEO of Laku6, commented, “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 second hand 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.”
This partnership also follows Carousell’s acquisition of Ox Street, an authenticated streetwear marketplace, and Refash, Singapore-based omnichannel fashion recommerce retailer.