Malaysian e-fulfillment startup lands $5.5m in Gobi-led round

End-to-end e-fulfillment startup iStore iSend has secured US$5.5 million in a funding round co-led by venture capital firm Gobi Partners and online delivery booking platform EasyParcel.

Tommy Yong (left) and Joe Khoo, co-founders of iStore iSend / Photo credit: iStore iSend

Founded in 2015, iStore iSend has developed a system designed to automate ecommerce operations. It provides clients with services ranging from storage to delivery arrangements as well as value-added options such as real-time inventory management and shipment tracking.

The company has also expanded into offering ecommerce-enabler services for brands and retailers, such as online store set-up, brand onboarding on marketplaces, official online store management, growth and marketing campaigns management, listing, and customer services.

With the new funds, iStore iSend plans to enter underserved markets like the Philippines, Thailand, and Vietnam as well as acquire online-to-offline clients in existing markets. It is currently serving over 1,000 businesses across Malaysia, Singapore, Indonesia, and China.

The company is also poised to capitalize on the ecommerce boom, which was boosted by the Covid-19 pandemic. “With the spike in online shopping brought about by last year’s pandemic, more ecommerce players will want to grow the market by enhancing the efficiency and movement of their stock keeping units,” said Gobi chairman and founding partner Thomas Tsao.

See also: A David vs. Goliath battle in Vietnam’s B2B ecommerce sector