Ecommerce aggregator iPrice secures $10m in series B funding

Malaysia-based iPrice Group, which aggregates prices from ecommerce sites, has raised US$10 million in a series B funding round led by Daiwa Securities-linked fund management firm ACA Investments.

Daiwa PI Partners, Line Ventures, and Mirae Asset-Naver Asia Growth Fund also participated in the round, according to a statement.

Photo credit: iPrice

With the new funds, iPrice said it seeks to go beyond its existing business lines and become a top online shopping companion in Southeast Asia and a key ecommerce enabler for super apps.

Founded in 2014, iPrice currently has about 1.5 billion product listing on its platform from over 1,500 merchant partners across Singapore, Malaysia, Thailand, Vietnam, Hong Kong, and the Philippines. It has expanded to offer product discovery opportunities for fashion items, home and living products, and coupons for various categories.

According to the e-Conomy SEA 2019 report from Google, Temasek, and Bain & Company, ecommerce is the region’s biggest and fastest-growing sector, valued at US$38 billion last year. That number is expected to rise to US$150 billion by 2025.

Iprice said it saw a total of 5 million transactions made on its platform and over 20 million monthly visitors last year.

The company also said its main iPrice business unit accounted for 50% of revenues, operating at a 30% EBITDA margin. It aims to turn its other verticals to similar profitability within the next two to three years.

“To pursue our next journey, we need to be where the consumers are,” said iPrice CEO and co-founder David Chmelar. “We need to engage users directly on our platform, continue our strong presence on Google, as it remains a vital starting point for many shoppers, and enable partners across the region, such as media platforms, social media apps, and all the emerging super apps, to provide ecommerce content for their audience.”

Prior to this round, iPrice bagged US$4 million in a round led by Line Ventures in 2018. It also raised the same amount in a series A round in December 2016.