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Online flea market startup sold for 7b yen

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Published Mon, Dec 4, 2017 · 09:50 PM

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    Tokyo

    YUSUKE Mitsumoto had a hunch: what if you paid people instantly for their used goods over the Internet, with no guarantee that they would hand them over?

    The 36 year-old e-commerce entrepreneur launched an app in June to test the idea. It worked better than he imagined; after 16 hours, he was stunned to discover he was on the hook for 360 million yen (S$4.3 million) - and shut the service down.

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