The e-commerce aggregator platform iPrice Group received another funding worth $1.5 million or equivalent to 21.5 billion Rupiah, led by South Korean food-tech company Woowa Brothers. iPrice Group’s CEO Paul Brown-Kenyon said to DailySocial that this fresh fund strengthens the company’s position as a support role of e-commerce services in Southeast Asia. This funding is also projected to smooth the company’s plan to continue raising series C funds.
“Our long-term vision is to become an e-commerce companion for the Southeast Asia region. Our target for this funding is that iPrice is moving towards a series C funding round; also to refine products and accelerate partnerships. Under current plans, we want to achieve profitability within 2-3 years ahead.”
iPrice is on a mission to bring a higher level of transparency, convenience and trust to consumers in Southeast Asia to help them save money when shopping online. Utilizing the web platform, users can immediately access 6 billion offers on more than 2 million sellers on one channel.
Previously, in March 2020 the iPrice Group secured funding worth $10 million, equivalent to Rp141 billion. Meanwhile, in September of the same year, iPrice received another fresh funds with an undisclosed amount. This funding is a continuation/addition to the series B funding received last March. The investor involved in this funding is JG Digital Equity Ventures, Inc.
Business plan in Indonesia
Regarding the iPrice Group plans in Indonesia, Paul emphasized that this has become the most important market for them. The company already made a product discovery, price comparison and coupon business that helps millions of consumers find the best deals online every month.
In the future, the company has bigger aspirations and a clear roadmap to improve its products in Indonesia. Starting from the quality of the product catalog, the information presented to users, and developing additional services to help users.
“The funds will help us carry out our roadmap execution faster, as well as launch new partnerships to expand our product range,” Paul said.
The disruption due to pandemic happened to iPrice. However, in many ways, iPrice claims to be in a lucky position during the pandemic. It is including the PSBB and WFH regulations which have encouraged more online shopping activities.
“We’ve seen strong growth since the series B fundraising at the end of last year. In addition to a 60% increase in website traffic on the platform, we are also seeing higher interest from media partners, e-wallets, telecommunications companies, super apps, and other companies. who want to bring the convenience of online shopping for their users,” Paul concluded.
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Original article is in Indonesian, translated by Kristin Siagian
