E-COMMERCE aggregator iPrice Group has raised US$10 million in Series B funds led by ACA Investments, an affiliate of Japanese investment bank Daiwa Securities Group.
Daiwa PI Partners and returning investors LINE Ventures and Mirae Asset-Naver Asia Growth Fund also participated in the round.
iPrice said its main business unit, which accounts for 50 per cent of revenue, is operating at a 30 per cent Ebitda (earnings before interest, taxes, depreciation and amortisation) margin. The startup plans to steer other parts of the business to the same level of profitability in the next two to three years.
iPrice operates as a one-stop e-commerce platform by aggregating options from various e-commerce sites. It currently has about 1.5 billion products available from more than 1,500 merchants.
There were five million transactions and more than 20 million monthly visitors recorded on the iPrice platform in 2019. The company currently operates in Singapore, Malaysia, Hong Kong and Thailand.
iPrice is also going beyond price comparison to help users with product discovery, in-depth information about sellers, and coupon and deal curation.
"The e-commerce industry in South-east Asia is at its emerging stage, and we see its huge potential. iPrice Group will play an important role, especially with its comprehensive coverage of markets in South-east Asia. It’s the prime gateway to online shopping," said ACA Investments chief investment officer Tomohiro Fujita.