(From left) iPrice Group CEO Paul Brown-Kenyon and co-founders David Chmelař and Heinrich Wendel / Photo credit: iPrice Group
Bukalapak, an Indonesian ecommerce major, has bought a majority stake in iPrice Group, a price comparison platform.
Without disclosing the amount iPrice Group co-founder Heinrich Wendel told Tech in Asia that Bukalapak invested “a sufficient amount of capital.”
Bukalapak said the acquisition was part of its strategy to focus on niche marketplaces and grow faster. Meanwhile, iPrice noted that the partnership would help it reach more consumers and offer more deals and discounts across new categories and regions.
In 2014, Wendel established iPrice with David Chmelař. The startup enables online users to compare product specifications, prices, and seller feedback. It has raised about US$26 million in funding since inception, according to Crunchbase data.
In June 2022, the company laid off 20% of its total workforce amid the economic downturn. iPrice Group said it had to scale back “several aspects” of its operations, including projects such as consumer lending comparison and user experience upgrades for its main app.
“When the markets changed rapidly in Q2 2022, we had to make the tough decision to cut these initiatives and refocus the company back on our core,” Wendel said.
After the deal, iPrice Group will continue to operate independently. It is targeting the gaming space and and entering Australia.
See also: Bukalapak’s financial performance in 7 charts
Wendel said iPrice also intends to “meaningfully” contribute to Bukalapak’s goal of reaching profitability this year. The Indonesian ecommerce major recently posted US$130.8 million in profit and US$15.6 million in adjusted losses for 2022.
Editing by Thu Huong Le and Dhania Putri Sarahtika
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