iPrice Groupwhich helps customers compare customers in Southeast Asia by combining prices from various e-commerce platforms, closed a $10 million Series B round. The round led by ACA Investments also included participation from Daiwa PI Partners and returning investors Line Ventures, Mirae Asset, in keeping with Naver and Asia Growth Fund Digital News Asia.
According to Tech Cruchcorporate the last funding announcement by Line’s enterprise capital division was in May 2018. The latest round brings iPrice’s total funding thus far to roughly $19.8 million.
The company said it has greater than 20 million monthly visitors, and in 2019, roughly 5 million transactions were made through its platforms.
iPrice will use its funding to develop product discovery features, including recommendations and skilled product reviews. The platform currently works with ‘super apps’ resembling Line and Home Credit, which supply a big selection of services through a single app.
Founded in 2014, iPrice is certainly one of the most important e-commerce players in Southeast Asia, offering roughly 1.5 billion products from over 1,500 trading partners in Indonesia, Vietnam, Thailand, the Philippines, Singapore, Malaysia and Hong Kong.
“The e-commerce industry in Southeast Asia is at a development stage and we see great potential. iPrice Group will play an important role, especially due to its comprehensive coverage of Southeast Asian markets. It is an excellent gateway to online shopping,” says Tomohiro Fujita, chief investment officer of ACA Investments Pte Ltd.
In 2019, the iPrice platform recorded five million transactions and was visited by over 20 million people every month. Given the promising prospects for e-commerce in Southeast Asia – which Google and Temasek predict might be a $150 billion GMV industry by 2025 – the Kuala Lumpur-based startup is anticipated to proceed its upward trend.
