Viewing ShopBack's Business Development After Recording Funding of More than 1,1 Trillion Rupiah

After pocketing the round series F . funding of $80 million or around 1,18 trillion rupiah last June 2022, startup aggregator cashback ShopBack reportedly has plans to conduct an IPO. The funding round brought the total capital raised by ShopBack to over $310 million, bringing the company's valuation to $900 million.

Recently, one of Temasek's units, namely 65 Equity Partners Holdings Pte will join the F series round. It was also mentioned by representatives of 65 Equity Partners, investors involved in this Series F funding round, will later get board seats on ShopBack.

IPO plans in Singapore

Reporting from Bloomberg, ShopBack plans to conduct an IPO in Singapore. The company is also looking at potential IPOs in other countries such as Hong Kong, Australia and New York.

Previously, ShopBack received funding of $45 million (Rp643,5 billion) led by EV Growth and Rakuten and the participation of EDBI and other investors.

Galuh said that currently the company is still in the early stages of the process, and in the future it will be open to convey various possibilities.

Currently ShopBack has 35 million users and operates in 10 countries, including Singapore, Indonesia, South Korea, and Australia. Last year, ShopBack expanded its services by annexing the "Buy Now, Pay Later" (BNPL) platform hello from Singapore.

Following the acquisition of Hoolah, ShopBack appointed Hamish Moline, former CMO at Australian fintech firm Zip Co., as Managing Director for financial services.

Expanding business model

ShopBack was founded in 2014 by Henry Chan and Joel Leong. Since a few years ago, the company has also started to explore other business models outside online cashback. For example, ShopBack Voucher, a service that allows ShopBack users to purchase voucher from partners, either by payment via debit/credit card, or by cashback in the user's ShopBack account. This service is available in Malaysia, Philippines, Thailand and Singapore.

In addition, there is ShopBack Mart, which unifies the shopping experience online to offline. With ShopBack Mart, users can shop in stores offline, To do scanning towards shopping receipts, and get cashback. This service is available in Taiwan.

Starting late last year, they also released ShopBack Pay and ShopBack PayLater, which allow users to get 3x payment waivers at 0% interest. Currently, ShopBack Pay and PayLater are available in several countries such as Malaysia, Singapore, Australia, and Thailand. Apart from that, the company also has several prototyping business models being tested, including in Indonesia.

"Like all business model, the challenge is how to make the products that we launch can suit the community and be accepted by most people," said General Manager of ShopBack Indonesia Galuh Kirana.

Regarding ShopBack's target for the Indonesian market, Galuh said to be an application that makes shopping not only fun, but also profitable. The company also wants to continue to grow the community smart shopper in Indonesia.

Apart from that, from a business perspective, they want to continue to grow and become business partners who can help businesses achieve the goal of becoming a company that profitable.

In Indonesia alone, according to SimilarWeb data, the ShopBack site is ranked 6th among platforms E-commerce others with an average monthly visit of almost 600 thousand, the highest for the service category cashback. Indicates a sizeable user base to this service. While on Google Play, for the Shopping category, ShopBack is ranked 19th -- below apps E-commerce and highest for similar types of applications.