Southeast Asia e-commerce start-up iPrice raises $4M led by chat app Line’s VC arm
iPrice has pulled in new funding headed by messaging app Line’s VC arm, Line Ventures. It is basically a service that combines Southeast Asia’s e-commerce websites in a sole destination. Sources estimate that it is worth around $4 million yet it is not official.
The headquarters of iPrice are in Malaysia and Kuala Lumpur which previously raised a previously raised a $4 million Series A in late 2016. Now the start-up has raised up to $9.7 million raised overall.
in response to the growing number of e-commerce companies in Southeast Asia, and in particular the increasing number of vertical-specific options The company was started in 2015. before pivoting into an aggregation model which basically acts as a destination for shoppers to then go on and purchase items from e-commerce sellers, . iPrice was originally a coupon site.
Moreover, it will not be wrong to say that it is similar to flight booking sites such as Skyscanner, which basically ask their users where they want to go before scouring the web for the best travel deals. iPrice does the same for e-commerce in Southeast Asia. The region currently has over 330 million internet users, so iPrice hopes that simplifying things through a single destination portal can make it the go-to online buying site for the region.
Furthermore, across the countries like Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong, iPrice claims to offer over 500 million SKUs. Additionally, the firm is f the opinion that since December 2016, over 50 million people visited its site. This year it is looking forward to growing 150 million visitors.
Similarly, electronics has been a particular driver for the firm. Also, it has developed a B2B business with media groups and brands, (including Mediacorp in Singapore and Samsung in Indonesia), for outside of working with e-commerce firms to drive business who pay to tailor its service.