iPrice received investment from IGDEV

September 24, 2020 | 16:11

(0) user say

With the COVID-19 pandemic unabated in Southeast Asia, Malaysia-based online shopping aggregator iPrice has just received an investment from IG Digital Equity Venture (IGDEV) of an undisclosed value.

iPrice offers solutions for e-commerce sites

The investment was made under the Series B mobilisation round with the attendance of ACA Investments, Daiwa PI Partners, LINE Ventures, and Mirae Asset-Naver Asia Growth Fund.

Contrary to the disruptions in many sectors, the health crisis has aided the evolution of e-commerce across the region. According to data published by iPrice, e-commerce traffic has increased by 60 per cent in the recent two months.

Previously, a report performed by Google forecasted Southeast Asian e-commerce to reach $180 billion by 2025. However, under the impact of the COVID-19 lockdown, ths value is expected to grow even larger.

Amidst the rise of online shopping, iPrice asserted itself as a genuine companion to consumers and as a factor accelerating the growth of e-commerce sites.

“iPrice’s approach is unique. Instead of directly competing with other players, iPrice chooses to offer many solutions for e-commerce platforms, helping them reach more customers,” said JGDEV managing director Jojo Malolos.

Through JGDEV’s ecosystem, iPrice has a great opportunity to collaborate with overseas partners such as the Philippines-based RewardsMart integrated with the e-commerce platform Robinson Rewards and online news aggregator PEP.ph under the management of Summit Media.

iPrice will offer millions of items for Robinson Rewards’ consumers. Meanwhile, readers PEP.ph could use promotion codes given by iPrice to purchase goods from Lazada, Shopee, Zalora, and GrabFood, among others.

In Vietnam, iPrice Group has been operating iPrice.vn since 2014 and has partnered up with Home Credit Vietnam in 2019.

By Van Anh

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional