Pomelo has raised $52 million in a Series C funding round to fuel the expansion of its omnichannel fashion brand across Asia, according to an announcement.
The Thailand-based e-commerce startup has secured funds from a bevy of investors – including Central Group, Provident Growth Fund, InterVest Star SEA Growth Fund, Andre Hoffman, Toivo Annus, Lombard Private Equity, Ambient Sound Investments OU, and The Luxembourg Company Deverel.
The announcement confirms an earlier report by DealStreetAsia in July.
According to a statement, Pomelo will use the fresh capital to invest heavily in technology, particularly in big data, artificial intelligence (AI) for pricing and design, and e-commerce personalisation. It will also be developing its supply chain automation platform, which forms the logistics backbone of Pomelo.
David Jou, CEO of Pomelo said: “As a fashion-tech company, we are developing a proprietary catalogue of innovative technologies that will allow us to unlock significant hidden value that exists in the branded fashion business today. Everywhere we look we see opportunities for innovation to reinvent how things are done to create better products, better serve customers, and maximize omnichannel productivity and efficiency.”
The Thai startup added that it currently receives close to 30 per cent of its orders through Pomelo Pick-Up – an online-to-offline (O2O) concept, which allows shoppers to try their purchases and return for a zero charge if they decide not to buy them.
Since its last $19 million Series B round led by JD.com and Provident Capital, Pomelo has expanded its Gross Merchandise Value (GMV) by 7x and branched into new markets and products. Today, Pomelo runs a range of product categories across cosmetics, menswear and eco-friendly fashion. The company is also present in Thailand, Singapore, Indonesia, Malaysia, Hong Kong and Macau.
Pomelo competes with a number of players in the fashion e-commerce space, such as Sequoia-backed near-unicorn Zilingo, Indonesia-based Sorabel (formerly Sale Stock) and Southeast Asian e-commerce giants Shopee, Lazada and Tokopedia.