Philippine e-commerce entity GrowSari has raised a total of US $30 million in funding from top global investors to use for its expansion in the country.
GrowSari is a tech-enabled B2B platform that equips small-time store owners in the Philippines with inventory, infrastructure, and other tools to grow and easily manage their business.
At the same time, it generates significant data and market insight that’s crucial for distributors and manufacturers.
“GrowSari aims to empower and significantly increase the earnings of sari-sari stores in the Philippines by providing direct access to a wide assortment of affordable products, e-businesses, and financial assistance,” GrowSari Co-Founder Reymund Rollan told Manila Bulletin.
After its founding in 2016, the company has managed to put up more than 50,000 stores all over Luzon. And with their newly acquired funding, GrowSari plans to further stretch its services across the archipelago, specifically in Visayas and Mindanao.
The Gokongwei-led Robinsons Retail Holdings Inc. (RRHI), JG Digital Equity Ventures, Wavemaker Partners, Pavilion Capital, Tencent, International Finance Corporation (IFC), ICCP SBI Venture Partners, and Singapore-based growth fund Saison Capital all pitched in to raise GrowSari’s more than $30-million expansion fund.
“With the fresh funds, we aim to more than double GrowSari’s existing coverage and service more than 300,000 sari-sari stores, including those in Visayas and Mindanao,” Rollan explained.
According to Rollan, the country’s sari-sari store industry plays an important part in the Philippine economy. Its retail sales value is worth $100 billion, he noted.
Those interested in availing of GrowSari’s services can download their application through Google Play.
With the app, they’ll be able to access better pricing for more than a thousand fast-moving sari-sari store stock-keeping units (SKUs) as well as microfinancing support and assistance, and multiple e-services including remittance, telco, and bills payment.
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Image credit: GrowSari