iPrice Secures New Funding, Optimistic to Win Southeast Asia
The company is now focus on collaboration with big merchant and super app
Prayogo Ryza - 6 March 2020
The e-commerce aggregator platform iPrice Group announced new funding worth $10 million or equivalent to Rp141 billion. The series b round led by ACA Investment. Daiwa PI Partners and some previous investors also participated, such as LINE Ventures, and Mirae Asset-Naver Asia Growth Fund.
Using the fresh money, iPrice aims to be the leading online shopping platform companion in the region and e-commerce enabler for the super app. iPrice's optimism can't be separated from its achievement in 2019. They claimed a total of 5 million transactions and over 20 million visits per month.
"The e-commerce industry in Southeast Asia is at the stage we've seen very potential. iPrice group is to play an important role, especially with the comprehensive market share. This is the main entrance to the online shopping," ACA Investment Pte Ltd's Chief Investment Officer, Tomohiro Fujita said.
In Indonesia, there are existing services that provide price comparison features for e-commerce besides iPrice, including Telunjuk, PricePrice, Pricebook, and PriceArea.
With the predicted growth potential of e-commerce still growing, the presence of a price comparison service with complementary features is considered on-demand by the user. Especially the Indonesian people, including those who are sensitive to prices.
To go beyond the previous achievement
iPrice is currently trying to surpass what they have achieved so far. Not only as a search and price comparison product, but also as a service that provides a list of popular products, reviews from professionals, in-depth information about trading. In addition, iPrice also curates the best offers and deals every day.
"Within the last year, the challenge was quite severe for iPrice to become the price aggregate leader in Southeast Asia. Strengthening our partnership with big merchants and super apps help us to reach our position now and we will continue to be optimistic in order to continue being an e-commerce enabler in Southeast Asia in helping online shoppers and super apps get the best prices on their products," a spokesman for iPrice Group told DailySocial.
iPrice said that they are currently focusing on increasing markets in countries that do not use English as their primary language. One way to do this in Indonesia is by strengthening partnerships, such as with Home Credit and Line Indonesia. They also tried to create more targeted products that match market needs.
What iPrice has done is claimed as an effort to provide the best experience for buyers.
"To pursue our next journey, we must be positioned where the consumers are. We have to involve users directly on our platform. Continuing our strong presence at Google because it remains an important first step for many buyers and enables partners in all regions such as media platforms, social media applications, all the super apps that appear to provide e-commerce content for their audience," Co-Founder and CEO iPrice Group, David Chmelar said.
–Original article is in Indonesian, translated by Kristin Siagian