Xavier Kong · · 1 min readEx-Facebook exec’s ecommerce startup nets $40m series A
Graas, a Singapore-based ecommerce solutions provider, has secured over US$40 million in a series A funding round led by Kejora-backed special purpose vehicle Galaxy, as well as Performa, Integra Partners, Yuj Ventures, and AJ Capital.
Photo credit: Pexel
Graas was co-founded this year by serial entrepreneur Prem Bhatia and former Facebook Asia-Pacific managing director Ashwin Puri. Graas is set to launch a “growth as a service” solution that involves using predictive AI to identify trends and provide recommendations that brands can act on.
The company said it currently has over 250 customers and its AI predictive engine processes over 45 million data points every month.
The company will use the funds to expand in Southeast Asia and bolster its staff, which currently stands at more than 350 personnel across seven countries.
Some of the funds raised were already used to acquire Indian direct-to-consumer platform Shoptimize and Southeast Asia-based cross-border ecommerce enabler SellinAll as part of an immediate plan to bring Graas’ services to the market. The founders of both Shoptimize and SellinAll have joined Graas’ board of directors.
See also: Niche recommerce takes the fight to Carousell in SEA
Editing by Miguel Cordon and Arpit Nayak
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