Rakuten hasn?t always been as hands-off in its approach to expansion. In 2012-13, it launched online marketplaces for Singapore, Malaysia, and Indonesia, spreading its Japan-born business model into Southeast Asia. But something about that model didn?t catch on, and in early 2016, Rakuten announced it was shutting down all three websites. Its next move was even more revealing: this August Rakuten led a $35 million Series B round for Carousell, a Singapore-based online marketplace. Rather than expand itself, it seems, Rakuten has opted to invest in or acquire locally bred tech.
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