Pomelo, a Thailand-based fashion ecommerce startup backed by JD.com, has raised US$34 million from a new financing round last December, sources with knowledge of the matter told Tech in Asia.
Photo credit: Pomelo
The latest investment pushes the total funds raised by the company to US$98 million.
Investors including Suntory One, Prime Glaxious Enterprises, InterVest Star SEA Growth Fund, and Marganit International participated in the round, according to Pomelo’s regulatory filings.
The fresh funds will partly be used to bankroll the ecommerce firm’s expansion across Asia and fuel its public listing plans in Thailand. However, details of the timeline for the launch of its IPO remain undisclosed.
The women’s fashion firm, which started as an online business in 2013, launched its B2B unit Prism in June 2021 to offer services like demand planning and logistics for other fashion and lifestyle brands.
See also: Why these ex-Carousell, Fave execs raised $36.5m to join the global Amazon roll-up frenzy
Pomelo aims to onboard over 1,000 companies on its platform over the next 12 months. It is also targeting a double-digit percentage revenue contribution from Prism in its first 12 to 18 months of operations.
Last year, the company appointed a former Google and Line executive, Ariya Banomyong, to serve on its board. He is tasked to oversee Pomelo’s business strategy and help drive the company into its next phase of growth.
In September 2019, Pomelo raised US$52 million in its series C financing round from investors including Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, and Toivo Annus.
Editing by Collin Furtado and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
