Rakuten holds 67 per cent in Tarad.com since its acquisition in 2009 for $35 million, and Pongvitayapanu holds the rest.
The closure follows Rakuten’s strategic overhaul of its business in Southeast Asia.
Previously, Rakuten focused on business-to-business and business-to-consumer models. It now plans to shift to focus on consumer-to-consumer (C2C) by launching mobile app, Rakuma, instead.
Tarad.com had an accumulated loss of 117 million baht in 2013, rising from losses of 35 million baht in 2010 and 5.6 million baht in 2009.
According to Pongvitayapanu, Tarad.com would continue business as usual and prepare to implement a strategic shift following the new shareholding structure.
Rakuten earlier announced that it is shutting down its e-commerce marketplaces in Singapore, Malaysia and Indonesia from March 1. Around 150 employees are laid off due to the closure.
The company stated that it would focus on the e-commerce market in Japan where it is a market leader. Apart from Japan, it will continue the operation in Taiwan, East Asia and the United States.