iPrice Group Receives Investment from LINE's Parent Company
In commitment for Indonesia as the largest market in SEA
Marsya Nabila - 24 August 2018
iPrice Group, a product price comparison platform, receives fresh funding from Naver Corp, LINE messenger's parent company with undisclosed value. The investment is said to come three months after LINE's investment arm, LINE Ventures , led the Series B Funding for iPrice.
David Chmelar, iPrice Group's CEO and Co-Founder, said that Naver has strategic value for the company. It's not only operating South Korea's most popular search engine but also capable of developing an impressive shopping and price comparison engine in the domestic market.
"Given the rich experiment and strategic value of Naver, we can't miss the opportunity to welcome them as our investor. We're honored to gain trust from a company as iconic as Naver on iPrice's journey in becoming a major portal for online shopping in Southeast Asia," Chmelar said.
Peter Na, Naver Corp representative, added, "The extraordinary achievement of iPrice during the last round [funding] is a proof of their solid team impressive performance and explosive growth in SEA e-commerce market."
iPrice commitment to Indonesia
Matteo Sutto, iPrice's CMO, told DailySocial separately that the latest funding to be used for Indonesian market development. It's the same as it was three months ago.
"On the same occasion, we continue with technology development to improve user experience, especially in our two main verticals, fashion and electronics," he said.
Regarding opportunity for collaboration between iPrice and Naver in the future, Sutto has no further comment.
Indonesia, he continued, has become iPrice's biggest market in Southeast Asia. Of the total traffic in seven countries, 25% traffic comes from Indonesia. In an effort to increase business penetration, the company will completely focus on providing the best product experience for users.
It's either from the more complete and comprehensive product catalog, more accurate price comparison information, a fast and convenient user interface, and others. Certainly, by providing high-quality traffic performance for many e-commerce partnered with iPrice.
"This strategy is the key to your success and monetization skill for the recent years compared to our competitors," he concluded.
– Original article is in Indonesian, translated by Kristin Siagian