Roehl Niño Bautista · · 1 min readMalaysian ecommerce aggregator carts $5m in funding
Malaysia-based iPrice, an ecommerce aggregator focused on Southeast Asia, has raised US$5 million in a round backed by Tokyo-headquartered Itochu Corporation and the KDDI Open Innovation Fund III, the VC fund of Japanese telco firm KDDI.
IPrice Group CEO Paul Brown-Kenyon (from left) with company co-founders David Chmelař and Heinrich Wendel / Photo credit: iPrice Group
Established by David Chmelar and Heinrich Wendel in 2014, iPrice allows online users to compare product specifications, prices, and seller feedback. It claims to have a catalog of the best offers for more than 7 billion items from 8 million sellers in Southeast Asia.
The company will use the new capital to add consumer loan comparison to its services. This comes as digital lending in the region is expected to hit US$92 billion in transaction value by 2025.
Its lending partners include Cashalo in the Philippines, SmartPayin Vietnam, Zip in Singapore, and Home Credit, Julo, and Payku in Indonesia.
IPrice has also rolled out a price-drop alerts feature in Indonesia. Called Price Watch, the new feature will also be launched in Singapore, Malaysia, Vietnam, Thailand, and the Philippines.
The company is eyeing a bigger opportunity in Southeast Asia as digital consumers in the region use almost eight websites on average when shopping.
Editing by Collin Furtado and Eileen C. Ang
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