Paramount invests RM10mil in e-commerce ecosystem Commerce.Asia


KUALA LUMPUR: Paramount Corp Bhd has invested RM10mil in e-commerce venture Commerce DotAsia Ventures Sdn Bhd (Commerce.Asia), in line with its strategy to diversify its revenue stream.

In a statement, the group said the investment was made via its wholly-owned investment vehicle Magna Intelligent Sdn Bhd and Magna's 30%-owned associate Omegaxis Sdn Bhd, which owns peer-to-peer lending platform Fundaztic.

Commerce.Asia, which operates in Southeast Asia, manages all aspects of customers’ online businesses, from developing their online stores to managing product sales across multiple e-marketplaces, including warehousing, payment, delivery, marketing, and order management.

According to Paramount Corporate Strategy & Investment head Tracy Gan, the convergence of the fintech and e-commerce trends serves as the platform for Fundaztic to provide financing to Commerce.Asia's network of merchants utilising advanced data and insights.

The company currently has over 92,000 active sellers that use its various platforms, with a group gross merchandise volume (GMV) of RM6.7 billion last year.

Paramount said the investment comes in line with its strategic plan to identify new sources of earnings, particularly in the digital space.

“The pandemic had shifted consumer behaviour and accelerated e-commerce adoption worldwide over the past two years.

"As such, our investment in Commerce.Asia is timely given its end-to-end ecosystem, track record, and business model which has almost doubled in revenue since 2020 and turned profitable in 2021,” said Gan.

Moving forward, she said Paramount is looking to increase its footprint in the digital space with opportunities that create synergy with its existing investments and businesses.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

US aims to raise US$200bil as part of G7 rival to China's Belt & Road
Humble rice bran becomes hot commodity as India scours for edible oils
Saudi bourse to launch single stock futures on July 4
Central banks' umbrella body urges decisive wave of global rate hikes to stem inflation
With only 15,000 tons of petrol and diesel left, Sri Lanka struggles to secure fresh fuel supplies
Egypt contracts to buy 180,000 tonnes of wheat from India
China's central bank renminbi liquidity arrangement includes Malaysia
Global M&A braces for dry spell as boardrooms put expansion on hold
CPO futures market to see technical correction next week
Fed policymakers embrace more rate hikes, markets a little less

Others Also Read