South African media giant, Naspers, has invested $100 million (R1.4 billion) in letgo, a mobile classifieds marketplace on iOS and Android.
The app offers features like instant chat and geolocation-based search, allowing users to connect instantly and for free, “without the hassles and delays of email”.
According to founder, Alec Oxenford, the app is designed to make buying and selling household items faster – and the company has aggressive growth plans, particularly in the USA, as the sector is “poised for explosive growth”.
Oxenford is also chairman of online classifieds platform, OLX, which has a large presence in South Africa thanks to being majority owned by Naspers.
Letgo has surpassed 2 million downloads, with users posting more than 500,000 listings and exchanging almost 3 million messages, resulting in a total gross merchandise value of over $25 million, the group said.