Available on iOS and Android devices in the U.S. and worldwide, letgo is a fast-growing, hyperlocal marketplace optimised specifically for mobile use. The app offers features like instant chat and geolocation-based search, allowing users to connect instantly and for free, without the hassles and delays of email.

“We built letgo because we saw an immense opportunity for innovation and growth in this space, particularly in the U.S.,” says letgo founder Alec Oxenford. “Our platform makes buying and selling household items faster and more intuitive than ever before. This technology – along with Naspers’ significant investment and support, our aggressive plan to grow the platform, and our shared experience building successful companies in this sector – will allow us to capitalize on an area of ecommerce that is poised for explosive growth.”

“Alec has distinguished himself as an expert with an extraordinary track record in mobile ecommerce,” says Martin Scheepbouwer, CEO of Naspers Classifieds. “We have seen firsthand Alec’s ability to execute on his vision as we worked together to build OLX into the global force it is today. In letgo, Alec has built a platform that is perfectly tailored to the American consumer, and we’re excited to help his team take it to the next level.”

Oxenford continues to serve as chairman of OLX, the online classifieds platform he co-founded in 2006, in which Naspers later acquired a majority stake. Together they grew OLX, the leading classifieds platform in growth markets like India, Brazil and Poland, into one of the most-used online platforms in the world, with over 240 million active users in more than 40 countries.

Naspers has a track record in identifying, nurturing and operating technology businesses across a range of sectors. In addition to OLX, Naspers holds significant stakes in Tencent, Flipkart, Allegro and other Internet businesses globally.

To date, letgo has surpassed two million downloads, with users posting more than 500 000 listings and exchanging almost three million messages, resulting in a total gross merchandise value of over $25-million. Already ranked in the top 10 free shopping apps in the Google Play store in the United States, Sweden, Turkey, New Zealand, Norway, Italy and Spain, the company plans to launch an aggressive marketing campaign focused on U.S. consumers in the coming months.

For more information, visit www.letgo.com and www.naspers.com.