Malaysia’s online shopping aggregator iPrice Group announced today it has raised US$1.5 million financing from South Korean foodtech company Woowa Brothers.
The fresh capital will go into enhancing iPrice product and accelerating the rollout of partnerships.
Founded in 2014, iPrice helps customers find a wide selection of products and brands from hundreds of its partners in Southeast Asia. Users can use the platform to save money by comparing products, prices, sellers’s reputation, and check delivery conditions.
Currently, iPrice has partnerships with Home Credit (Indonesia), Thairath (Thailand), GoRewards (Philippines), Boost (Malaysia), ViSenze (Singapore), and SmartPay (Vietnam).
“As the Southeast Asian e-commerce market develops, the competition among e-commerce platforms is intensifying and the number of sellers is increasing. We believe that iPrice’s role of helping users find the right platform and save money will continue to be vital to the region,” Joshua Dhong, Senior Investment Associate of Woowa said.
“Consumers increasingly expect shopping experiences embedded in their phones – be it in various apps or even in the native camera apps for visual shopping. We, therefore, built a product to bring e-commerce to those places, becoming the prime partner for leading platforms and super apps in the region,” iPrice Group CEO Paul Brown-Kenyon added.
While COVID-19 has affected almost all the industries globally, e-commerce has largely been spared and it has shown immense resilience and continues to grow strong.
According to a Google-backed report, Southeast Asia’s e-commerce industry is expected to reach US$180 billion by 2025. With e-commerce’s recent accelerated adoption, the industry is expected to experience an even stronger boost.
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