Society Pass buys PHL online grocery delivery firm

Society Pass (SoPa), a Vietnam-based tech firm incorporated in the US, has made its first foray into the Philippines by acquiring Pushkart, an online grocery delivery firm, for an undisclosed sum.

Dennis Nguyen serves as founder, chairman, and CEO at Society Pass. / Photo credit: Society Pass

SoPa seeks to tap into the Philippines’ digital economy, which is expected to reach US$40 billion in gross merchandise value by 2025, according to a report by Google, Temasek Holdings, and Bain & Company. SoPa is also planning to acquire more companies in the country over the next few months.

With more than 125,000 registered users and over 20,000 mobile app downloads, Pushkart is among the top ecommerce players in the Philippines.

SoPa said it will help improve Pushkart’s technology, double the number of registered users, and boost app downloads to over 150,000 by the end of 2022. Pushkart will also increase focus on on-demand grocery shopping services to more customers and retailers.

“With the capital provided by SoPa, Pushkart will now be empowered to provide enhanced end to end solutions to our customers and ensure an amplified market presence,” CEO Michael Lim said in a statement.

The latest deal comes months comes after SoPa made its US trade debut on the Nasdaq. It is the first Vietnamese company to complete a traditional listing on a stock market outside its homebase.

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