E-commerce aggregator platform, iPrice Group, raised US$10 million Series B investment, led by ACA Investments Pte Ltd, with participation by Daiwa PI Partners, and returning investors LINE Ventures, Mirae Asset-Naver Asia Growth Fund. With this funding round in place, iPrice is set to become the region’s best online shopping companion platform and the key e-commerce enabler for super apps.
In 2014, iPrice Group emerged to function as a one-stop-shop e-commerce destination as consumers are bombarded with endless options from numerous different e-commerce sites. Throughout the years, it worked its way to becoming a prominent player in the market. With about 1.5 billion products available from more than 1,500 merchant partners, it is now the leading e-commerce aggregator in Southeast Asia, specifically in Indonesia, Vietnam, Thailand, Philippines, Singapore, Malaysia, and Hong Kong.
With 5 million transactions made on the iPrice platform in 2019 and more than 20 million monthly visitors, iPrice’s upward trajectory is likely to continue. Its growth is supplemented by the rosy outlook of Southeast Asian e-commerce as it’s predicted by Google and Temasek to be a US$ 150 billion GMV industry by 2025.
“The e-commerce industry in Southeast Asia is at its emerging stage and we see its huge potential. iPrice Group will play an important role, especially with its comprehensive coverage of markets in Southeast Asia. It’s the prime gateway to online shopping,” ACA Investments Pte Ltd Chief Investment Officer Tomohiro Fujita.
Becoming the Prime Gateway for Online Shoppers
To ensure that Southeast Asia’s consumers get the best shopping experience, iPrice Group leverages its position as the leading e-commerce aggregator to pursue its next journey: to be the best online shopping companion.
As part of its objective, iPrice is expanding beyond price comparison as it gives consumers a lot of opportunities for product discovery. iPrice provides its users with a list of the most popular products, professional product reviews, and in-depth information about sellers. Moreover, it offers consumers the best bargains by curating the best coupons and deals every day.
With the fast-changing nature of the online ecosystem, consumers often find themselves at a loss. Given the rapid rise and fall of e-commerce players, online shoppers are in need of one platform that aggregates endless products and merchants. Hence, iPrice aims to make the consumers’ shopping experience easier by being present for them in every avenue of online shopping.
“To pursue our next journey, we need to be where the consumers are. We need to engage users directly on our platform, continue our strong presence on Google as it remains a vital starting point for many shoppers, and enable partners across the region, such as media platforms, social media apps, and all the emerging super apps, to provide e-commerce content for their audience,” says iPrice Group CEO & Co-Founder David Chmelar.
“iPrice has the potential to become the biggest e-commerce aggregator in the entire Asian continent. It has been expanding its service with super apps like LINE and Home Credit. Aside from this, iPrice’s strong management, deep understanding of SEA’s consumer behavior, and diverse, talented staff from various countries have given us the confidence to invest in this company. It has so much potential to grow further,” said Daiwa PI Partners Director Hirofumi Imamura.
This round of investment is a testament to the meta-search group’s value proposition and ever-growing potential. The main iPrice business unit accounting for 50% of revenues is operating at a 30% EBITDA (earnings before interest, taxes, depreciation, and amortization) margin. It is in their pipeline to turn other parts of the business into the same level of profitability within the next 2-3 years. With all its effort to progress further, it is on track to become Southeast Asia’s prime gateway to online shopping.