Market Overview

letgo Receives $500M New Funding Commitment from Naspers

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Top secondhand app passes 100M downloads and 400M listings

Users have sent each other over 6B messages in the startup's app
since its 2015 launch, up to 13M daily

New financing will accelerate growth, product evolution, expansion
into new verticals and monetization

letgo,
the biggest and fastest growing app to buy and sell locally, announced
today that Naspers has committed to invest $500M of new capital into the
company, $150M of which was transferred earlier this summer. Naspers
cited letgo's extraordinary growth and market opportunity as key
factors. letgo said the new financing will accelerate its growth,
product evolution, expansion into new verticals and monetization efforts
as it continues to make secondhand e-commerce an even bigger part of the
sharing economy. The 3-year-old startup also disclosed that its app has
passed 100M downloads, 400M listings and 6B messages sent between users,
with most of its users located in the U.S. The number of monthly listers
on its marketplace has grown 65 percent since the beginning of 2018,
primarily driven by increased engagement and retention.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180808005445/en/

letgo cofounders (left to right) Alec Oxenford, Enrique Linares and Jordi Castello (Photo: Business  ...

letgo cofounders (left to right) Alec Oxenford, Enrique Linares and Jordi Castello (Photo: Business Wire)

letgo has quickly built one of America's most popular apps by combining
technology like image recognition with intuitive design to make buying
and selling secondhand much easier. Posting anything from a mountain
bike to a video game console is as effortless as taking a photo because
letgo's technology automatically suggests a title, price and category.
The company's emphasis on simplicity is a major reason why comScore's
most recent U.S. mobile report ranks letgo second among the fastest
growing apps in the U.S.

"We are extraordinarily fortunate to have investors who believe so
strongly in our vision and team," said letgo cofounder Alec Oxenford.
"We are fueling unprecedented growth in the secondhand economy through
meaningful innovation. Our app makes it simple for tens of millions of
buyers and sellers to connect in their own neighborhoods so they can put
more money in their pockets, declutter their lives and put their space
to better use."

"letgo has established itself as one of the most promising startups in
the world by injecting excitement, new technology and fresh thinking
into a space that's lacked all of the above for decades in the U.S.,"
said Martin Scheepbouwer, CEO of OLX Group, through which Naspers has
invested in letgo.

Naspers has built a global reputation as one of the world's largest and
most successful investors in internet startups through its stakes in
Tencent, Flipkart and others.

About letgo

With over 100M downloads and 400M listings, letgo is
the biggest and fastest growing app to buy and sell locally. One of
America's most popular apps, letgo's marketplace is filled with
everything from electronics, cars and collectibles to housing, clothing
and furniture. With innovative features like image recognition, video
listings and letgo Reveal, the free app makes it easy to list what you
don't need and find great deals nearby on anything you do. Listing
something is as simple as taking a photo because letgo's technology
automatically suggests a title, price and category. letgo was founded in
2015 by Alec Oxenford and Jordi Castello, with cofounder Enrique Linares
joining soon after.

Named among the "Hottest Startups" by Wired and "Best Apps" by Google,
letgo has raised capital from Naspers, Accel, Insight Venture Partners,
New Enterprise Associates, 14W, Eight Roads Ventures, Mangrove Capital
Partners and FJ Labs. The company's offices are located in New York and
Barcelona. For more information, visit letgo.com and
download letgo's app for Android and iOS devices.

About Naspers

Founded in 1915, Naspers is a global internet and entertainment group
and one of the largest technology investors in the world. Operating in
more than 120 countries and markets with long-term growth potential,
Naspers builds leading companies that empower people and enrich
communities. It runs some of the world's leading platforms in internet,
video entertainment, and media.

Naspers companies connect people to each other and the wider world, help
people improve their daily lives, and entertain audiences with the best
of local and global content. Every day, millions of people use the
products and services of companies that Naspers has invested in,
acquired or built, including Avito, Brainly, Codecademy, eMAG, Flipkart,
ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax,
SimilarWeb, Swiggy, Twiggle, and Udemy.

Similarly, hundreds of millions of people have made the platforms of its
associates a part of their daily lives: Tencent (www.tencent.com;
SEHK 00700), Mail.ru (www.corp.mail.ru;
LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com;
NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com;
Xetra: DHER)

Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an
ADR listing on the London Stock Exchange (LSE: NPSN). For more
information, please visit www.naspers.com.

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