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SK Planet reportedly exits Elevenia, selling stakes to Salim Group

SK Planet reportedly exits Elevenia, selling stakes to Salim Group

Elevenia is considered successful in terms of transaction volume, but the e-commerce platform fails to contribute revenue

According to a report by South Korean media Pulse, internet platform development company SK Planet is currently in the process of re-positioning its overseas businesses, starting with the sales of its stakes in Indonesia-based e-commerce platform Elevenia to local retail conglomerate Salim Group. Salim Group itself has been separately developing an online marketplace service with Lotte Group.

Elevenia is a 50-50 joint venture between SK Planet and XL Axiata, which had raised close to IDR2 trillion (US$149 million) to date. Though Elevenia is considered successful in terms of transaction volume –as the company is claimed to be in the top three e-commerce companies list in the country– the success does not translate to revenue for the parent company.

Indonesia is said to be the first exit for SK Planet in Southeast Asia. Apart from Elevenia, SK Planet has also been reported to sell its business in Malaysia, Thailand, and Turkey.

Also Read: Indonesia’s Elevenia scores US$50M from XL Axiata, SK Planet

SK Planet’s exit from Elevenia may serve as a heavy hit for XL Axiata, as the company has been signalling “yellow lights” for its digital business. It is mentioned that SK Planet, in its home country, is in talks to have its stakes purchased by Lotte Group. There is a possibility of iLotte (currently on beta stage) and Elevenia becoming a joint entity once the two companies have been purchased by Salim Group and Lotte Group.

The article SK Planet Disebutkan Keluar dari Elevenia, Jual Sahamnya ke Salim Group was written by Amir Karimuddin and first appeared in DailySocial. English translation and editing by e27.

Image Credit: DailySocial

The post SK Planet reportedly exits Elevenia, selling stakes to Salim Group appeared first on e27.