Indonesian e-commerce startup Bukalapak has acquired the team at local second-hand goods marketplace Prelo.
“We see that Prelo has a huge market share, and also a high-quality team with a spirit of opening business opportunities for a lot of people and also has the same vision as Bukalapak,” Bukalapak chief strategy officer Teddy Oetomo said in a statement.
Based in the Indonesian city of Bandung, Prelo describes itself as an e-commerce platform for second-hand goods.
Bukalapak did not specify how many Prelo employees it is adding to its team. The company did confirm that Prelo’s founder Fransiska Hadiwidjana has joined Bukalapak as head of business.
Prelo’s website remained accessible at the time of publishing.
The move is Bukalapak’s first publicly known major acquisition of another company or its assets since its last funding round in late 2017 backed by Singapore sovereign wealth fund GIC and others that valued the company at over $1 billion.
In an interview with DEALSTREETASIA early this year, Bukalapak co-founder Muhamad Fajrin Rasyid had said that the company was looking into acquisition opportunities. In April it was reported that the company had set up a special merger and acquisition team to help it achieve its ambition of serving 10 million people by 2025.
The move comes at a time when Bukalapak, which counts Alibaba subsidiary Ant Financial as a minority investor, has aggressively been expanding into new business lines. Last month, it launched its e-wallet in collaboration with local fintech startup DANA.
Prior to that, the company said it had started implementing an O2O commerce business model, signing up mom-and-pop shop owners to become agents and help shoppers without internet access or those reluctant to make online purchases to order online products while paying in cash.
Over the past couple of years, Bukalapak has introduced a number of different financial services including loans, credit and insurance as well as mutual fund and gold investments.
Oetomo recently told Reuters that the company expects to achieve breakeven in three years’ time.