iPrice Group, a product discovery and price comparison platform, raised a new round of funding from LINE Ventures, with participation from Cento Ventures and Venturra. While the company declined to comment on the sum of the investment, it did concur the amount will be used to double down on the investment in the Indonesian market and keep on improving the user experience, especially in the verticals of fashion and electronics.
In a press statement, iPrice claims to be on track to reaching more than 150 million visitors this year, driven by the accelerating growth experienced in Indonesia – its electronics segment in particular – which grew 30 times in the past 12 months. The fragmentation of the ecommerce market and the increasing online savviness of Indonesians shoppers are fuelling iPrice’s hyper-growth.
To support its next phase of growth, the Kuala Lumpur-based company has recently reorganised its business, creating three different business units (electronics, fashion and commercial content), allowing it to serve its customers with the best possible user experience.
According to the company, since the last funding one and a half years ago, more than 50 million online shoppers visited iPrice, which expanded in the same period its product catalogue from few dozens of millions to over 500 million SKUs across their seven markets Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong. David Chmelar, iPrice Group CEO, said the company is 100% focused on its seven markets at the moment, given how much growth we still have ahead of us.
“It’s really Day 1 for us and for the whole ecommerce market in SEA. Just consider that the ecommerce market in SEA doubled in size in the past two years from US$5b to US$10b and is expected to reach U$90bn in 2025 as per last Google-Temasek study. What excites us is that this is only the beginning of our journey. To provide a perspective, in the Czech Republic, the country where I am from, everyone visits the leading price comparison platform, Heureka, twice per month. With already more than 300M monthly active users in the region and 100,000 people coming online EACH DAY for the first time, it’s easy to see the historical opportunity we have ahead of us,” Chmelar added.
Beyond the rapid growth of its user metrics over the past 12 months, iPrice has been able to secure strategic B2B partnerships with some of the biggest media groups and brands in the region by offering them tailored affiliate solutions. Among them are Mediacorp in Singapore, Thairath in Thailand and Samsung in Indonesia.
iPrice has also been cementing its thought leadership position in the e-commerce field with studies such as their State of eCommerce in Southeast Asia, which has become the primary source of data-driven ecommerce information in the region.
“iPrice, which is riding the explosive growth of e-commerce in Southeast Asia, has the most promising team with the right talents, technology, and operational excellence in the region. In turn, they will become the first destination in the online shopping journey in Southeast Asia” June Cha, general manager of LINE Ventures, said.
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