Recently, Kitar, a Southeast Asian second-hand e-commerce platform, completed its Pre-A round of financing worth over USD 10 million. This round was led by Source Code Capital, with participation from Mindworks Capital and an over-subscription from existing shareholder Hike Capital.
Kitar positions itself as the "Zhuan Zhuan + Xianyu" of Southeast Asia, adopting a combined B2C and C2C model. It aims to establish standardization and trust mechanisms, starting with deeply integrating the second-hand smartphone category through a self-operated model, before expanding into a broader range of 3C and durable goods using AI and operational expertise. Through its standardization system, the platform transforms non-standardized products like second-hand phones into standardized items, addressing user uncertainty and concerns. By integrating AIGC technology, the platform reduces human interference in quality inspection and generates product screening and inspection videos via AI. Currently, Kitar operates three mall stores and five fulfillment stations; the former focuses on brand building, while the latter handles fulfillment and provides door-to-door recycling services in designated areas.
Following the completion of this financing round, Kitar will increase investment in AI capability building, quality inspection and supply chain infrastructure, offline recycling networks, and regional operation systems. The company will continue to deepen its presence in the Indonesian market while accelerating expansion into the broader Southeast Asian market.
As the legal advisor to Mindworks Capital, Llinks leveraged its extensive experience in cross-border investment and financing to efficiently complete the review of transaction documents, negotiations, and project closing, providing professional legal services for this transaction.
Llinks Engagement Team
Selena She, Partner
Colin Shi, Partner
Joyce Zhang, Partner
