Here’s Kitar! They’re an Indonesia-founded recommerce platform focused on the secondhand goods market in SEA. Specifically, mobile phones. 

• Now, they’ve just raised over $10M in a Pre-Series A. 

‍

Investor check. Source Code Capital led the round, while Hike Capital and Mindworks also joined in. 

‍

🔎 How it works

Kitar recycles and resells used phones across Indonesia. And to do this, they combine direct sales with a consumer-to-consumer marketplace. 

For now, they’re focused on controlling the quality of used phones through a standardized grading system, which can help ease uncertainty for potential buyers. 

• They’re also planning to deploy generative AI tools to improve inspection processes and product verification, enhancing efficiency. 

‍

Some more detail. They currently operate 12 stores and workstations in Indonesia, with plans to grow to 20 mall stores and 40 workstations this year.

‍

📳 What’s the plan?

They’ll use the $$$ to develop their AI capabilities and strengthen quality inspections and supply chain infrastructure.

• Oh, and they’ll expand their offline collection network, with a focus on Indonesia. 

‍

Not stopping with smartphones. Kitar plans to expand into categories like motorcycles and luxury goods once they’ve established their operations in the smartphones segment. 

• The firm aims to reach $100M in gross merchandise value and millions of daily active users by 2026.