Peeba founders Kevin Cho (left) and Jacky Lai / Photo credit: Peeba
Peeba, a Hong Kong-based online wholesale marketplace, has announced plans to set up an office in Indonesia, its first step toward a wider expansion in Southeast Asia.
With the move, the company hopes to onboard more local brands and connect them to sellers outside the country. It is also building a local team to handle the operations.
Currently, Peeba already allows sellers and brands in other Southeast Asian markets, such as Singapore, Malaysia, Thailand, Vietnam, and the Philippines, to sign on.
With its expansion plans, the company looks to have teams in the region to bring in products from local brands and retailers.
Founded in 2020, Peeba operates a “sell first, pay later” strategy, in which retailers can purchase products from global brands on consignment to remove hefty upfront payments. It has a 60-day payment term for the service.
The company said it has connected over 30,000 retail stores with around 3,000 brands worldwide.
According to Crunchbase, Peeba has raised US$6.3 million in total funding. Some of its backers include Y Combinator, Headline Ventures, and Nordstar.
See also: For Indonesian D2C brands aspiring to go global, the time is now
Editing by Miguel Cordon and Lorenzo Kyle Subido
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