Malaysian e-commerce startup iPrice gets $10 mil. from Asian investors

04, Mar. 2020

Image by Hannes Edinger from Pixabay
Image by Hannes Edinger from Pixabay

HANOI, NNA - Malaysian e-commerce aggregator iPrice Group Sdn. Bhd. has raised $10 million from four investors in a fundraising round led by Japan's ACA Investments Pte. Ltd. based in Singapore, aiming at becoming the largest online shopping platform in Southeast Asia.

The investment round, aimed at the Malaysian startup's business expansion, was joined by its existing investors, Korean Mirae Asset-Naver Asia Growth Fund and Line Ventures Corp., as well as ACA Investments, a Daiwa Securities Group Inc. affiliate, and Daiwa PI Partners Co., according to an iPrice statement released on Monday.

Daiwa PI Partners contributed $3 million, said its statement released the same day.

The Kuala Lumpur-based firm hopes to become the largest price comparison platform for online shopping in Southeast Asia and plans to reach out to more customers in partnership with communication tool app provider Line and others, said the iPrice statement.

iPrice has expanded its online platform to seven countries and regions, namely Malaysia, Singapore, Indonesia, Thailand, the Philippines, Vietnam and Hong Kong, after its establishment in 2014.

It saw five million deals struck in 2019, recording more than 20 million page views monthly. (NNA/Kyodo)