Singapore ecommerce enabler Shopmatic acquires SaaS firm CombineSell

Singapore-based ecommerce company Shopmatic has fully acquired local software-as-a-service firm CombineSell for an undisclosed amount.

From left: Shopmatic co-founders Anurag Avula, Yen Lim, and Kris Chen / Photo credit: Shopmatic

Founded in 2017, CombineSell offers a multichannel ecommerce solution that simplifies selling processes by aggregating online marketplaces into a single platform. Within its interface, business owners can create and manage listings, reply to customers, control inventories, and fulfill orders.

It currently has more than 30 ecommerce channel integrations available, including those with Lazada, Shopee, Amazon, Carousell, and Qoo10, among others.

“[The acquisition] gives us a significant advantage in enabling the overall growth and success of all merchants on our platform. In just a single click, merchants will now have access to selling across numerous channels in various countries across Southeast Asia,” said Shopmatic co-founder and CEO Anurag Avula.

Founded in 2014, the company acts as an ecommerce enabler for individuals and small firms that helps them build and manage their own stores. Sellers can use their services to get on multiple marketplaces.

Shopmatic has 250,000 merchants on its platform, up from 30,000 in April, and it expects to double that by March 2020, the company told The Business Times. It also said it is in talks to raise S$40 million (US$29.2 million) by the end of the year through a series B round.

Seeds Capital, Shopmatic’s early investor, said it is pleased to have connected Shopmatic with CombineSell. “Both Seeds Capital and Enterprise Singapore have been working closely with Shopmatic on its expansion plans in Asia, especially to markets such as India and Southeast Asia, where the ecommerce needs are growing rapidly,” said Geoffrey Yeo, general manager at Seeds Capital.

Earlier this year, Shopmatic picked up a 50.1% stake in retail point-of-sale (POS) device provider Octopus to offer POS services to its existing customers across different verticals in Asia Pacific.

Octopus, which offers cloud-based retail management software, omnichannel sales, and customer engagement solutions to small- and medium-sized enterprises, focuses on physical stores.

Currency converted from Singaporean dollar to US dollar: US$1 = S$1.37.