Philippines-based B2B e-commerce platform GrowSari which is backed by Tencent and private equity major KKR, has raised $77.5 million in its Series C financing round to fuel its expansion plans across the country.
The funding round was led by KKR and backed by the International Finance Corporation (IFC) and Pavilion Capital of Singapore’s Temasek Group, bringing GrowSari’s total funds raised to $110 million to date.
GrowSari will utilise the fresh funds to expand into other shop formats, establish a logistics and distribution network, and hire for its operations, technology, and data science teams.
“The pandemic has fundamentally changed how business works,” Stephanie von Friedeburg, IFC’s Senior Vice President of Operations, said in a statement. Businesses that disregard digital technologies are immediately at a disadvantage. GrowSari will be able to boost digital adoption and financial services for MSMEs as a result of our support, which is crucial to keeping them competitive and ensuring a robust and inclusive recovery,” he added.
GrowSari secured another round of funding, according to co-founder and CEO Reymund Rollan, because it wants to grow its FinTech products for store owners and build its supplier marketplace, which includes commodities. It also intends to cater to a wider range of MSMEs, including carinderias (little restaurants), tiny over-the-counter pharmacies, and other roadside and market businesses.
GrowSari, was founded in 2016 by Shivapratim Choudhary, Reymund Rollan, Andrzej Ognowski, and Siddharta Kongara, offers a digital retail distribution platform that connects FMCG wholesalers and manufacturers to informal SME retailers.
GrowSari’s tools for SMEs include inventory management, pricing tools, a shipping network, and working capital loans to small businesses. It also provides retailers telecom top-ups and bill payments. GrowSari’s client base includes 100,000 stores in over 220 municipalities across Luzon, with plans to grow into Mindanao in the near future.
The company also plans to add more financial services and logistics solutions, with plans to have over 50 million fulfilment centres across the country.
Last year in June, GrowSari had raised more than US$30 million in funding in two rounds. Its existing investors include JG Digital Equity Ventures, Robinson Retail Holdings, and Wavemaker Partners.