Secure Funding, iPrice Group Optimistic to Be the Best in Southeast Asia

E-commerce aggregator platform iPrice Group announced the receipt of new funding of $10 million or equivalent to Rp. 141 billion. The Series B round was led by ACA Investment. Also participating were Daiwa PI Partners and a number of former investors, such as LINE Ventures and Mirae Asset-Naver Asia Growth Fund.

With this fresh fund, iPrice is targeting to be the best online shopping companion platform in the region and e-commerce enablers for great app. iPrice's optimism is inseparable from what they have achieved in 2019. They claim a total of 5 million transactions and over 20 million visits per month.

"The e-commerce industry in Southeast Asia is at an emerging stage and we see enormous potential. The iPrice Group will play an important role, especially with its comprehensive market coverage. It is the main gateway to online shopping," said ACA's Chief Investment Officer. Investments Pte Ltd Tomohiro Fujita.

In Indonesia, apart from iPrice, there are already many services that provide price comparison features for e-commerce, including Telunjuk, PricePrice, Pricebook, and PriceArea.

With the potential for e-commerce growth which is predicted to continue to grow, the presence of a price comparison service with complementary features is considered to be still needed by users. Moreover, the Indonesian people are price sensitive.

Striving to surpass previous achievements

iPrice is currently trying to surpass what they have achieved so far. Not only as a product search and price comparison service, but also as a service that provides a list of popular products, review from professionals, in-depth information on selling. In addition, iPrice also curates the best offers and also deals everyday.

"For the past year, iPrice has faced quite a challenge to become a leader aggregate price in South East Asia. Strengthening our partnership with big merchants and great app helped us to where we are now and we will continue to be optimistic to be able to continue to be e-commerce enablers in Southeast Asia to help online shopper and great app get the best prices on their products," explained a spokesperson for iPrice Group to DailySocial.

iPrice said that they are currently focusing on increasing the market in countries that do not use English as their primary language. In Indonesia, one way to do this is to strengthen partnerships, such as with Home Credit and Indonesian Lines. They are also trying to create more targeted products that adapts to market needs.

What iPrice does is claimed to be an effort to provide the best experience for buyers.

"To pursue our next journey, we need to be where the consumer is. We need to engage users directly on our platform. Continuing our strong presence at Google because it remains an important starting point for many buyers and enables partners across the region such as the platform. media, social media apps, all great app emerging to provide e-commerce content to their audiences," explained Co-Founder and CEO iPrice Group David Chmellar.