iPrice CEO Unveils Strategic Plans, Including Series C Fundraising

Aggregator platform E-commerce iPrice Group again pocketed funding worth $1,5 million or equivalent to 21,5 billion Rupiah led by the company food-tech from South Korea, Woowa Brothers. To DailySocial, iPrice Group CEO Paul Brown-Kenyon said this fresh fund strengthens the company's position as a service supporter E-commerce in South East Asia. This funding is also considered to be able to launch the company's plan to continue its series C fundraising.

"Our long-term vision, to be a companion E-commerce for the Southeast Asian region. Our target for this funding, iPrice is on its way to a series C funding round; also to improve products and accelerate partnerships. Based on the current plan, we want to achieve profitability within the next 2-3 years."

iPrice is on a mission to bring consumers a higher level of transparency, convenience and trust in Southeast Asia to help them save money when shopping online. Utilizing the web platform, users can instantly access 6 billion offers across more than 2 million sellers in one channel.

Previously, in March 2020, iPrice Group pocketed funding of $10 million or equivalent to Rp. 141 billion. While the moon September in the same year, iPrice again received fresh funds with an undisclosed value. This funding is a continuation / addition to the funding series B received last March. The investor involved in this funding is JG Digital Equity Ventures, Inc.

Business plan in Indonesia

When asked about the plans of the iPrice Group in Indonesia, Paul emphasized that this area is the most important market for them. The company already has a product discovery, price comparison, and coupon business that has helped millions of consumers find the best deals online online each month.

In the future, the company still has bigger aspirations and The roadmap clearly to improve products in Indonesia. Starting from improving the quality of the product catalog, improving the information presented to users, to developing additional services to help users.

"The funds will help us carry out the execution The roadmap faster, as well as launching new partnerships to expand our product range," said Paul.

Disruptions due to the pandemic are also felt by iPrice. However, in many ways, iPrice claims to be in a fortunate position during the pandemic. One of them is the PSBB and WFH regulations that have encouraged shopping activities in a general manner online even more.

"We have seen strong growth since the series B fundraiser at the end of last year. Apart from the increase traffic websites by 60% on the platform, we also see higher interest from media partners, e-wallets, telecommunications companies, super apps, and other companies who want to bring shopping convenience online for their users," concluded Paul.