The secondhand marketplace Bungaejangter has been put up for sale on the mergers and acquisitions (M&A) market.
According to the investment banking (IB) industry on the 4th, private equity fund manager Praxis Capital Partners recently decided to sell management control of Bungaejangter and began identifying potential buyers.
It comes about six years after Praxis Capital acquired an 80% equity stake in Bungaejangter for about 150 billion won in 2020, and global IB Citi Securities is said to be leading the sale.
Bungaejangter started in 2011 as "Quickcat." It is considered the first mobile-based secondhand marketplace in Korea. Transaction fees and platform advertising are the main revenue sources, and it posted sales of 44.9 billion won in 2024.
In particular, after acquiring Bungaejangter, Praxis Capital acquired the sneakers community "Footsell" and the used-phone business unit of Chakan Telecom, tripling sales from 14 billion won in 2020.
The total equity value of Bungaejangter is currently estimated at around 700 billion won. Some major domestic retail groups are said to be showing interest in a partial acquisition.