Malaysia-based Jocom International Holdings, which runs a grocery mobile app, announced today that it has raises approximately SGD5.6 million (US$4.1 million via listing part of its share capital on Singapore’s first regulated private securities exchange, 1exchange (1X).
The company will use the financing to enhance its technology and expand its presence into markets like West Malaysia, Indonesia and Australia. Jocom has already started making inroads in China, channeling sales of Malaysian products to Chinese consumers.
The 1X’s second cross-border listing, as well as the third private securities exchange listing of its kind in Singapore.
1X is part of CapBridge Financial, and is backed by Singapore Exchange, SGInnovate, South Korea’s Hanwha Investment and Securities Co, Hong Kong’s Cyberport Macro Fund and AMTD Digital.
Founded in 2015, Jocom is an online grocery app that operates via its subsidiaries Jocom MShopping and Jocom Ethirty seven.
What makes Jocom different from other online grocery store apps is that it has full control over the entire order journey of its customers, from purchase and fulfilment to the delivery fleet and storage facilities.
Since its inception, the company claims to have built a sizeable base of three million users, 500 vendors and 15,000 stock-keeping units (SKUs).
Additionally, Jocom has expressed in a press statement that it has generated approximately US$40 million in sales revenue between 2015 and 2020.
According to the firm, the COVID-19 pandemic was a boon as it claims to have increased its sales by 30 per cent year-on-year.
“Our outperformance during Malaysia’s Movement Control Order at the height of the pandemic has proven our resilience and relevance as an essential, mobile-enabled business and we believe this is an opportune time to launch an overhaul of our own platform. Funding aside, our new status as a listee on a private securities exchange backed by the SGX will also expose Jocom to a new pool of investors and enhance its positioning for more business opportunities in the future,” Jocom founder Joshua Sew said.
According to Datareportal, since 2015, Malaysia’s e-commerce market has tripled in size to over US$3 billion in 2019 and is projected to reach US$11 billion in 2025.
Image Credit: Jocom
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