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Southeast Asia's E-Commerce Aggregator iPrice Raises US$ 10m in Series B Round

Southeast Asia's E-Commerce Aggregator iPrice Raises US$ 10m in Series B Round
Youngsters.id | iPrice

iPrice Group, which helps comparison shoppers in Southeast Asia by pulling together prices from different e-commerce platforms, has closed a $10 million Series B. Led by ACA Investments, the round also included participation from Daiwa PI Partners and returning investors Line Ventures, Mirae Asset-Naver and Asia Growth Fund, as reported by Digital News Asia.

According to Tech Cruch, the company’s last funding announcement, from Line’s venture capital arm, was in May 2018. Its new round brings iPrice’s total funding so far to about $19.8 million.

Cofounder and CEO David Chmelar. Image: Digital News Asia
Cofounder and CEO David Chmelar. Image: Digital News Asia

 

The company said it has more than 20 million monthly visitors and about 5 million transactions were made through its platforms in 2019.

iPrice will use its funding to develop product discovery features, including recommendations and professional product reviews. The platform currently partners with “super apps,” like Line and Home Credit, that offer a wide array of services through one app. 

Kickstarted in 2014, iPrice is among the most prominent players in the Southeast Asian e-commerce market, listing about 1.5 billion products from more than 1,500 merchant partners across Indonesia, Vietnam, Thailand, Philippines, Singapore, Malaysia and Hong Kong.

iPrice essentially serves not just to provide the best price, but also as a means to untangle the mess deriving from e-commerce platforms housing thousands of merchants and products. Image: Digital News Asia
iPrice essentially serves not just to provide the best price, but also as a means to untangle the mess deriving from e-commerce platforms housing thousands of merchants and products. Image: Digital News Asia

 

 “The e-commerce industry in Southeast Asia is at its emerging stage and we see its huge potential. iPrice Group will play an important role, especially with its comprehensive coverage of markets in Southeast Asia. It’s the prime gateway to online shopping,” says ACA Investments Pte Ltd Chief Investment Officer Tomohiro Fujita.

In 2019, iPrice’s platform recorded five million transactions and garnered more than 20 million monthly visitors. Considering the rosy outlook of Southeast Asian e-commerce – which is predicted to be a US$150 billion GMV industry by 2025, according to Google and Temasek – the Kuala Lumpur-based startup is set to continue its upward trajectory.

 

 

Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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