Kapruka, the pioneering e-commerce platform that has grown to become the largest locally owned global e-commerce platform in Sri Lanka, has announced plans to launch a “second-hand goods market” as a new sub- fully owned brand – Soldout.lk.
The Marketplace will serve as an e-com platform for second-hand goods, connecting buyers and sellers seamlessly, with additional features such as home delivery and order fulfillment. The market is expected to significantly benefit the local automotive and real estate industries, which have an active second-hand market.
Soldout.lk will be developed to be similar to Craigslist, the globally recognized marketplace for used goods and commerce. To improve the efficiency of the market, Kapruka plans to establish a network of social dealers at the local level across the island, as part of the new business.
Kapruka aims to fund its growth plans through a share issue during the upcoming IPO, which will include the development and launch of Soldout.lk. The e-com site plans to launch the specialist second-hand goods market, reportedly one of the first of its kind in Sri Lanka – a timely intervention, given the significant increase in public interest in the market. purchase of second-hand goods through online resale platforms. to meet their needs throughout the pandemic.
Soldout.lk will be launched as a separate business unit under Kapruka E-commerce (Pvt.) Limited which is a wholly owned subsidiary of Kapruka Holdings Limited and will later be split to form a separate company. Kapruka will invest a significant portion of the proceeds from the IPO in the latest initiative, starting in 2022.
Commenting on Soldout.lk and the future of Kapruka’s services, Founder and Chairman Dulith Herath said, “We are delighted to announce our upcoming Soldout.lk used goods market, which we hope will transform second-hand sales in Sri Lanka. The idea of this initiative is to explore why consumers should pay a higher price for something new when anyone could get almost the same just as functional and beautiful. Maybe it didn’t come straight out of a box or maybe it’s barely been used, but anyone can get it for an affordable price. Additionally, there is an aspect of sustainability where we encourage people to reuse rows, which is good for our planet, while making it easy for customers to meet their needs. The platform is part of our long-term investment plan following the IPO, with the central objective of providing a path to easier purchases and a greater sense of affordability for customers, thus increasing our ability to create economic value for all stakeholders. Soldout.lk, which will take inspiration from e-commerce giant Craigslist, has the potential to transform the online resale market in Sri Lanka and it’s something we look forward to.