Malaysian e-grocer Jocom lands $4.2m via private listing on 1exchange

Malaysia-based grocer Jocom International Holdings said it raised about S$5.6 million (US$4.2 million) after listing part of its share capital on 1exchange, Singapore’s regulated private securities exchange.

Jocom founders Joshua Sew and Agnes Chua / Photo credit: Jocom

The new funds will be used to develop an artificial intelligence-powered back-end system, which will analyze data such as demographics, customer preferences, and spending power, to help the company with targeted marketing activities.

Established in 2015, Jocom is an acronym for “just order conveniently on mobile.” It operates a mobile grocery store through its platforms Jocom MShopping and Jocom Ethirty seven. It controls the entire order journey, from purchase to fulfilment, and has its own delivery fleet and storage facilities.

The company has “contributed greatly to the digital transformation of many traditional businesses in Malaysia, through its accessible mobile commerce solutions,” said Choo Haiping, CEO of 1exchange.

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Jocom says it currently has 3 million registered users, 500 vendors and 15,000 stock-keeping units on its platform. It also claims to have generated about US$40 million in sales revenue between 2015 and 2020, driving a 30% increase in sales every year.