GoTo Reportedly Disburses Investment to Carousell

One of the units under the auspices of GoTo group reportedly has invested in startups marketplace Carousell secondhand goods. Based on the data submitted to the regulator, as quoted from Venture Cap, the investment value disbursed reached $2,8 million or the equivalent of 42,6 billion Rupiah.

We have tried to contact GoTo to confirm this news. However, until this information is published, there has been no response from related parties.

Based in Singapore, Carousel has now reached status unicorn thanks to over $100 million in funding raised in late 2021. Their investors include 500 Global, Golden Gate Ventures, Naver, DBS Bank and others.

Carousell in Indonesia and the acquisition of Laku6

Carousell started entering Indonesia in 2014. However, their business is not very successful. In the local market they are faced with a number of similar platforms, one of the most significant being OLX which has now been acquired by Astra.

Corporate actions were also taken to strengthen business penetration. Including by acquiring a local used cellphone exchange platform behavior6 in mid-2022. The transaction value is estimated at $25 million, supported by Heliconia Capital, which is an investment company owned by Temasek (also one of Carousell's investors).

Laku6 itself is also an investment portfolio Golden Gate Ventures, a venture capitalist who also supports Carousell.

Model acquire This is not the first time Carousell has done this, previously they also carried out similar actions marketplacestreetwear authentic Ox Street and platform re-commerce Refash retailer.

In 2019, the unit through its investment unit, Tokopedia, was also reported to have acquired Laku6. The rumors This is done to deepen the cellphone trade-in feature into the service marketplace Tokopedia. However, this news did not receive confirmation from related parties until it was finally announced that Carousell had been acquired.

GoTo is facing challenges towards a sustainable business, with a target of reaching profit by the end of this year. According to financial reports as of H1 2023, e-unittrade they experienced a decline in performance of -9% yoy to IDR 121 trillion in Gross Transaction Revenue (GTV). However, gross income rose 14% to IDR 4,4 trillion. Adjusted EBITDA in the e-segmenttrade also recorded improvement from minus IDR 3,6 trillion to minus IDR 752 billion.