A LOCAL electronic distributor has secured $12 million from private equity firm Navegar, raising capital for the improvement of its infrastructure and capabilities.
Great Deals E-Commerce Corp., an e-commerce enabler in the Philippines, is receiving funding worth $12 million—around P12 million—from Navegar. Great Deals Founder and CEO Steve Sy said the firm hopes to improve services for its over 250 clients worldwide with the money it got from the private equity company.
Great Deals will use the proceeds of the fund on capital investments to bankroll enhancements of its information technology, infrastructure, warehouse capabilities and technology solutions—all aimed toward turning the firm into the country’s own Alibaba and Baozun.
“We are ecstatic to continue building and implementing successful online retail, distribution and marketing strategies for our 250+ brand clients in partnership with Navegar,” Sy said in a statement last week. “To dominate the market here in the Philippines, we will work closely with Navegar, whose vast experience in building high-growth companies will ensure the continued expansion of our business.”
Great Deals, an e-distributor in the Philippines catering to international brands, offers end-to-end services from digital content, Web design, analytics and chat support to warehousing and fulfillment.
In 2018 it dispatched a record-breaking 114,165 orders in one day. It has since surpassed its own record by facilitating 233,038 orders last year.
On the other hand, Navegar is a Manila-based private equity fund that invests exclusively with exposure to the Philippines.
It was founded in 2012 by its Managing Partners Nori Poblador and Javier Infante. The private equity firm manages two pools of money, Navegar Fund I and Navegar Fund II. The total assets under the two funds amount to close to $300 million.