GrowSari, a tech-enabled B2B platform that helps small convenient stores (known as ‘sari-sari-stores’ in the Philippines, has raised an undisclosed amount in Series B financing round from a group of existing and new investors.
They include Robinsons Retail Holdings, JG Digital Equity Ventures, and Wavemaker Partners, besides Tencent, Pavilion Capital, International Finance Corporation, ICCP SBI Venture Partners, and Saison Capital.
This round brings GrowSari’s total funds raised to date to over US$30 million.
With the fresh capital, the company plans to bankroll its geographical expansion plans to reach 300,000 stores across the Philippines.
Unlike Singapore and the US, where there are fully air-conditioned round-the-clock departmental stores like 7-Eleven, the Philippines has sari-sari stores.
Sari-sari stores occupy an important economic and social location in the Filipino community. They are small convenience stores that are generally either family-run or privately-owned, operating within the shopkeeper’s residence.
Founded in 2016, GrowSari is on a mission to help sari-sari store owners transform into comprehensive service hubs for the nation’s grassroots communities.
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GrowSari aims to tap into the sari-sari stores’ potential to be the biggest and most accessible distribution channel in the Philippines by driving efficiencies in route planning while collecting valuable insights on store behavior.
Through its app, sari-sari stores can access better pricing for more than a thousand fast-moving sari-sari store stock-keeping units (SKUs) from the largest brands across all the major FMCG categories.
This is in addition to microfinancing support and assistance, and multiple e-services including telco, bills payment, and remittance.
“GrowSari aims to empower and significantly increase the earnings of sari-sari stores in the Philippines by providing direct access to a wide assortment of affordable products, e-businesses, and financial assistance,” GrowSari co-founder ER Rollan said.
“Through GrowSari, we want to use proprietary technology to accelerate financial health for Filipino sari-sari store owners, helping them to use, protect, and grow their business in the long run and transforming sari-sari stores into comprehensive service hubs for the Philippines’ grassroots communities,” added CTO Siddhartha Kongara.
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