Philippines' GrowSari bags US$77.5 million in KKR-led round

GROWSARI, a startup that helps small stores in the Philippines digitalise, has raised US$77.5 million in a Series C funding round led by private equity firm KKR. This brings the company's total funds raised to US$110 million.

Other investors in the round included existing backers the International Finance Corporation and Temasek's Pavilion Capital.

GrowSari will use part of the funds to hire workers in the areas of operations, technology and data science.

Founded in 2016, GrowSari serves customers including neighbourhood "sari-sari" or sundry stores, pharmacies, and other roadside and market shops. The startup provides services for on-demand inventory, telco loading and bills payment, as well as working capital.

GrowSari's user base has grown from 1,000 sari-sari stores in three cities in 2018, to more than 100,000 stores in over 220 municipalities across Luzon.

Co-founder and chief technology officer Siddhartha Kongara said the company has launched in the Visayas, with Iloilo as the first city, and will launch in Mindanao soon. It plans to have more than 50 fulfillment centres nationwide in its network.