Singapore-based Giosis Pte Ltd (Giosis), the parent company of Pan-Asian e-commerce platform Qoo10, said it had raised $82.1 million in a Series A funding round, led by Singapore Press Holdings Ltd (SPH). The other investors in this round include eBay, Saban Capital Group, UVM 2 Venture Investments, Brookside Capital and Oak Investment Partners.
Qoo10, which operates six online e-commerce marketplaces across Asia – Singapore, Japan, Indonesia, Malaysia, Hong Kong and China, said it would use the latest funding round to accelerate technology growth and service development, and also invest in additional infrastructure and talent acquisition.
“The new funds will also help Qoo10 strengthen its position as a leading Pan-Asian platform in its key markets Singapore, Japan and Indonesia, and accelerate its expansion in its other rapidly growing Asian markets Malaysia, Hong Kong and China,” the company said in a statement.
The company said it had 17.6 million registered users across the region and had a combined total of $408 million in GMV in 2014. Of the six markets in which the company operates, Qoo10 Singapore is the best performer with 1.8 million registered users as of June 2015 and US$182 million in GMV in 2014, its statement added.
SPH will also partner with Qoo10 to explore strategic collaborations on the e-commerce platform across various content, marketplaces, retail, advertising and classifieds opportunities.
For UVM 2 Venture Investments, this marks its second investment in Singapore firm this month. It had recently participated in the $15 million Series B round of Singapore-incorporated payments startup Fastacash, along with other investors including Rising Dragon Singapore and Life.SREDA.
Alan Chan, cheif executive at SPH, said: “The investment in Qoo10 will enhance our portfolio of digital assets and open up opportunities for future marketing collaborations. With the region’s e-commerce market poised to grow, this investment puts us in a good position to tap on the industry’s growth and be an active player in this e-commerce space.”
Ku Young Bae, CEO, Qoo10, said: “From the beginning Qoo10 has strived to be a hyperlocal e-commerce platform which enables local merchants, big and small, to sell their products to a local and regional customer base across Asia. Today, 90% of our staff and merchants are local, in order to provide consumers with a seamless shopping experience in a specialised marketplace. With this new funding, we aim to further strengthen our position as the leading Pan-Asian marketplace.”
A joint venture between Gmarket Inc. founder Ku Young Bae and eBay, Qoo10 was founded in 2010 with $20 million seed capital, after Gmarket was acquired by eBay in 2009 for US$1.2 billion.
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