iPrice Group was set up to offer shoppers the widest selection of products and brands, provided by hundreds of partners in Southeast Asia. The company is driven by a mission to bring a greater level of transparency, convenience, and trust to the e-commerce market in Southeast Asia by making it easy for shoppers to compare prices, discover products, and get the best deals from thousands of online shops.
The e-commerce aggregator announced a Series B round amounting to US$10 million led by ACA Investments – one of the best performing fund managers in Asia. Daiwa PI Partners, LINE Ventures and Mirae Asset-Naver Asia Growth Fund also participated in the said round.
According to the iPrice, they are planning to expand beyond price comparison. Its main business unit was accounted for 50% of its revenues, operating at a 30% EBITDA margin. iPrice also aims to improve its value proposition and increase its number of partners.
David Chmelar, co-founder and CEO of iPrice Group said, “We definitely aim to double (transactions) every year in general. We have tripled it in the past, but it is good if we can double it this year.”
“To pursue our next journey, we need to be where the consumers are. We need to engage users directly on our platform, continue our strong presence on Google as it remains a vital starting point for many shoppers, and enable partners across the region, such as media platforms, social media apps, and all the emerging super apps, to provide e-commerce content for their audience,” Chmelar added.
Daiwa PI Partners Director Hirofumi Imamura commented, “iPrice has the potential to become the biggest e-commerce aggregator in the entire Asian continent…. Aside from this, iPrices’s strong management, deep understanding of SEA’s consumer behavior, and diverse, talented staff from various countries have given us the confidence to invest in this company.”
With the emerging growth of e-commerce in Southeast Asia, iPrice has seen the dissatisfaction of customers with the online shopping experience.
“The e-commerce industry in Southeast Asia is at its emerging stage and we see its huge potential. iPrice Group will play an important role, especially with its comprehensive coverage of markets in Southeast Asia. It’s the prime gateway to online shopping,” said Tomohiro Fujita, ACA Investment Pte Ltd’s Chief Investment Officer.