Lelong
Online auction marketplace.
| Date | Investors | Amount | Round |
|---|---|---|---|
N/A | Growth Equity VC | ||
| Total Funding | 000k | ||
Lelong.com.my is a Malaysian e-commerce platform that has been a fixture in the country's digital marketplace since 1998. Founded by Richard Tan and Kwok Seing Wei, the company, operating under its parent Interbase Resources Sdn Bhd, navigated the early days of online retail when consumer trust was low. Tan's strategy was to start small, building a niche before expanding, a patient approach that saw the company reach profitability in 2005 after seven years of consistent growth.
The platform operates as both a business-to-consumer (B2C) and consumer-to-consumer (C2C) marketplace. It began as an auction site, a model it still offers for items with high demand or limited quantity, and has since evolved to include a variety of sales formats. Sellers can post classified-style ads, which is common for services or high-value items like property, or set up a dedicated webstore for a yearly fee, providing them with a storefront and inventory management tools. Lelong's revenue is generated through these annual store fees and charges for optional promotional features that increase a listing's visibility.
Lelong.com.my provides a broad array of products across numerous categories such as electronics, fashion, gadgets, home appliances, and more, boasting over 1.3 million products from more than 10,000 sellers. To facilitate transactions and build trust, the company operates NetPay, a payment system accredited by Bank Negara Malaysia that includes a Buyer Protection Program. The platform supports sellers with educational classes in multiple languages and integrations with various courier and digital marketing services. In a move to bolster its marketing capabilities, Lelong.my acquired digital marketing agency Mataris Agency in 2018.
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