Kapruka rolls out sub brand ‘Soldout.lk’ as marketplace for second-hand goods
Kapruka, the pioneering e-commerce platform that has evolved into Sri Lanka’s largest locally owned global e-com platform, has announced plans to launch a ‘used goods marketplace’ as a fully owned new sub-brand – ‘Soldout.lk’.
The marketplace will serve as an e-com platform for used goods, connecting buyers and sellers seamlessly, with added features such as home delivery and order fulfillment. The market stands to significantly benefit the local automobiles and property sales trade industries, which have an active second-hand market. ‘Soldout.lk’ will be developed to be similar to ‘Craigslist’, the globally famous marketplace for trade and second-hand goods. To enhance the effectiveness of the marketplace, Kapruka plans to establish a grassroots-level social dealer network across the island, under the new venture.
Kapruka aims to fund its growth plans through a share issuance from the upcoming IPO, which will include the development and launch of Soldout.lk. The e-com site plans to launch the specialised used goods marketplace which would be one of the first-of-its-kind in Sri Lanka – a timely intervention given the significant increase in public interest towards purchasing second-hand goods through online resale platforms to meet their needs throughout the pandemic.
Soldout.lk will be initiated as a separate business unit under Kapruka E-commerce Ltd., which is a fully owned subsidiary of Kapruka Holdings Ltd. and would later be carved out to form a separate business. Kapruka will invest a sizable portion of the IPO proceeds towards the latest initiative, commencing from 2022.
Founder and Chairman Dulith Herath said: “We are excited to announce our upcoming used goods marketplace, ‘Soldout.lk’, which we hope will transform the second-hand sales in Sri Lanka. The idea of this initiative is to explore why consumers should pay a premium price for something new when anyone could get almost the same just as functional and beautiful. Maybe it’s not directly out of a box, or maybe it’s barely been used, but anyone could get it at an affordable price.”
“Also, there is a sustainability aspect to it where we encourage people to re-use, which is good for our planet, while enabling customers to easily fulfil their needs. The platform is part of our long-term investment plan further to the IPO, with the central goal of providing a pathway to easier purchases, and a greater sense of affordability for customers, thereby elevating our ability to create economic value for all stakeholders.
“Soldout.lk, which will draw inspiration from online trade giant Craigslist, has the potential to transform the online resale market in Sri Lanka, and is something we look forward to greatly,” Herath added.
Having launched in 2002 as a start-up by Herath, with a capital of less than $ 1,000, Kapruka has transformed into the largest locally owned e-commerce company in Sri Lanka. It is now a multi-billion-rupee enterprise, without any external investors, using a non-marketplace e-commerce model with fully integrated delivery, serving a wide variety of both local and expatriate Sri Lankan clientele. The company has since been benchmarked and recognised by global giants such as Amazon.com, IKEA, eBay etc.
Being a local e-com ‘master-seller’ in Sri Lanka, Kapruka has also enabled an abundance of aspiring local producers and sellers on the site. Kapruka stocks over 135,000 products, has partnerships with over 500 renowned brands and serves over 1.1 million expat clients.