Yamato Holdings invests in Singaporean e-commerce solution provider
SINGAPORE, NNA - Japan's logistics giant Yamato Holdings Co. is investing in Singaporean e-commerce solution provider iStore iSend Pte. Ltd. to explore new business opportunities in Asia's rapidly growing e-commerce market.
Tokyo-based Yamato said Monday it made the investment in the Singaporean firm through its investment arm Kuroneko Innovation Fund without releasing the amount or an investment ratio.
According to Yamato, iStore iSend is an e-commerce enablement and fulfillment services firm, providing end-to-end services from website creation, storage and pick-and-pack to delivery arrangements via its proprietary system in Singapore, Malaysia and Indonesia.
The Singaporean firm deals with more than 30 foreign fast-moving consumer goods brands and about 300 local direct-to-consumer brands.
Yamato has invested in iStore iSend because the Singaporean firm manages a wide variety of services through its integrated system, has sales data and other vital information and advises corporate customers on promoting their sales, a Yamato public relations official told NNA on Monday.
Yamato set up the 5 billion yen ($45 million) Kuroneko Innovation Fund with Tokyo-based venture capital firm Global Brain Corp. in April 2020, to invest in promising startups with an emphasis on digital transformation in the fields of logistics and supply chains. (NNA/ Kyodo)