Mercari is an app where people can sell second-hand merchandise. Recently it raised US$74 million in a financial round bringing its valuation to be over US$1 billion.
From its inauguration in 2013, the startup has managed to raise US$110 million from financers. The recent round included big names from Japan’s investment community including Development Bank of Japan, Globis Capital Partners, Mitsui & Co., Japan Co-Invest, Global Brain and World Innovation Lab.
“It does not take more than 3 minutes to list an item on our marketplace. On Mercari, items are sold very fast – for instance, 50% of the items which actually gets sold are sold within 24hrs,” Kei Nagasawa, CFO, explains how Mercari has been so successful.
“Even after the item is sold we provide a very convenient delivery solution together with our logistics partner, Yamato Holdings. In short, you do not need to go through the clumsy process (e.g. wrapping the sold item, ask for and write down buyer’s address, pay shipment fee etc.) which was the biggest obstacle for sellers before Mercari came into this market,” he says.
