South African media giant, Naspers, has invested $100 million (R1.4 billion) in letgo, a mobile classifieds marketplace on iOS and Android.<\/p>\n
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”.<\/p>\n
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”.<\/p>\n
Oxenford is also chairman of online classifieds platform, OLX, which has a large presence in South Africa thanks to being majority owned by Naspers.<\/p>\n
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.<\/p>\n
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