Aditya Hadi Pratama · · 1 min readKKR pours $45m in Filipino B2B ecommerce platform
GrowSari, a B2B ecommerce platform based in the Philippines, has signed an agreement to raise US$45 million from US investment major KKR. The deal is part of the startup’s ongoing series C round that is yet to be finalized, with KKR leading the fundraise.
A sari-sari store owner in the Philippines / Photo credit: GrowSari
Founded in 2016, GrowSari helps neighborhood retail shops (known locally as sari-sari stores), roadside shops, and pharmacies to offer more products and services. It’s founded by former Procter & Gamble executive Reymund Rollan, along with Shiv Choudhury, Siddhartha Kongara, and Andrzej Ogonowski.
The company currently has a presence in 220 municipalities across Luzon island. It plans to use the fresh funds to accelerate its expansion to Visayas and Mindanao islands this year, and add more financial services capabilities.
GrowSari said that its gross merchandise value has increased by 6.5x since 2019, while its revenue has also surged by 2.5x in the same period.
See also: What’s driving the revival of Southeast Asia’s B2B ecommerce
Before this round, the B2B ecommerce firm raised a total of over US$30 million from prominent investors such as Temasek-affiliated Pavilion Capital, Tencent, Wavemaker Partners, Saison Capital, and the Investment & Capital Corporation of the Philippines.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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