The iPrice Group, Southeast Asia’s leading product discovery and price comparison platform, has raised new funding from LINE Ventures, with participation from Cento Ventures and Venturra.
Since the last funding exercise more than a year ago, some 50 million online shoppers visited iPrice, which expanded in the same period its product catalogue from few dozens of millions to over 500 million SKUs across their seven markets: Malaysia, Singapore, Indonesia, the Philippines, Thailand, Vietnam and Hong Kong.
iPrice is on track to reach more than 150 million visitors this year, driven by the accelerating growth experienced in Indonesia—its electronics segment in particular —which grew 30 times in the past 12 months. The fragmentation of the e-commerce market and the increasing online savviness of Indonesian shoppers are fuelling iPrice’s hyper-growth.
“iPrice, which is riding the explosive growth of e-commerce in Southeast Asia, has the most promising team with the right talents, technology and operational excellence in the region. In turn, they will become the first destination in the online shopping journey in Southeast Asia” said June Cha, general manager of LINE Ventures.
David Chmelař, iPrice Group CEO, said: “What excites us is that this is only the beginning of our journey. To provide a perspective, in the Czech Republic, the country where I am from, everyone visits the leading price comparison platform, Heureka, twice per month. With already more than 300 million monthly active users in the region and 100,000 people coming online each day for the first time, it’s easy to see the historical opportunity we have ahead of us.”