South Korea-based online marketplace 11street is set to invest $10m in a Malaysia-based spin-off of its website, Tech in Asia reported today.
11street will spin out the site in April this year, and hopes to increase its market share in Malaysia with the move. The company, which is already active in Indonesia and Turkey, currently has 22 million sellers and 40 million customers globally, and hosts transactions worth a combined $6bn a year.
Malaysia already has a substantial collection of online marketplaces, including international outfits such as Rakuten, Qoo10 and Lazada as well as local competitiors Lelong, Ensogo and Shoppr.
11street expects to sign up a minimum of 11,000 sellers by the end of 2015. It will spend a sizeable amount of the $10m on setting up an e-commerce education centre and support facility locally.