E-commerce aggregator platform iPrice Group has raised a US$10mil Series B investment, led by ACA Investments Pte Ltd, with participation by Daiwa PI Partners and returning investors LINE Ventures and Mirae Asset-Naver Asia Growth Fund.
With this funding round in place, iPrice is looking to become the region’s prominent online shopping companion platform and the key e-commerce enabler for super apps.
In 2014, iPrice Group emerged to function as a one-stop-shop e-commerce destination as consumers are bombarded with endless options from numerous different e-commerce sites.
With about 1.5 billion products available from more than 1,500 merchant partners, it is now the leading e-commerce aggregator in South-East Asia, specifically in Indonesia, Vietnam, Thailand, Philippines, Singapore, Malaysia and Hong Kong.
With five million transactions made on the iPrice platform in 2019 and more than 20 million monthly visitors, iPrice’s upward trajectory is likely to continue.
Its growth is supplemented by the rosy outlook of South-East Asian e-commerce as it’s predicted by Google and Temasek to be a US$150bil gross merchandise volume industry by 2025.
“The e-commerce industry in South-East 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 South-East Asia. It’s the prime gateway to online shopping, ” ACA Investments Pte Ltd chief investment officer Tomohiro Fujita.
As part of its objective, iPrice is expanding beyond price comparison as it gives consumers a lot of opportunities for product discovery.
iPrice provides its users with a list of the most popular products, professional product reviews, and in-depth information about sellers. Moreover, it offers consumers the best bargains by curating the best coupons and deals every day.
Given the rapid rise and fall of e-commerce players, online shoppers are in need of one platform that aggregates endless products and merchants.
Hence, iPrice aims to make the consumers’ shopping experience easier by being present for them in every avenue of online shopping.
“To pursue our next journey, we need to be where the consumers are.
“We need to engage users directly on our platform, continue our strong presence on Google as it remains a vital starting point for many shoppers, and enable partners across the region, such as media platforms, social media apps, and all the emerging super apps, to provide e-commerce content for their audience, ” says iPrice Group CEO and co-founder David Chmelar.
“iPrice has the potential to become the biggest e-commerce aggregator in the entire Asian continent.
“It has been expanding its service with super apps like LINE and Home Credit. Aside from this, iPrice’s strong management, deep understanding of SEA’s consumer behavior, and diverse, talented staff from various countries have given us the confidence to invest in this company.
“It has so much potential to grow further, ” said Daiwa PI Partners Director Hirofumi Imamura.
The main iPrice business unit accounting for 50% of revenues is operating at a 30% EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin.
It is in their pipeline to turn other parts of the business into the same level of profitability within the next two to three years.
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