Singapore-based iCommerce Asia has secured $1.4 million in a pre-series A round led by a bunch of private investors including ex-Zalora execs Cooper McGuire and Harry Markl, Carro CEO Aaron Tan, former regional VP of Salesforce Ismail Shariff, and JYSK Group CEO Janifer Yeo-Tan. The company plans to expand into Indonesia with the freshly raised funds.
Founder and Managing Director Ali Ridha Madihid has formerly worked for firms like SATS Cargo and Zalora. Commenting on the recent development, he says,
With experts predicting that Indonesia will dominate e-commerce activity in Southeast Asia, the movement into the Indonesian market is definitely a strategic and necessary move for us.
iCommerce Asia is an integrated e-commerce supply chain solutions partner in Southeast Asia, offering end-to-end solutions to support & enable client’s e-commerce channels to the fullest. It handles operations like warehouse and order management, cross-border customs clearance, and reverse logistics, as well as tech services like web and mobile development, hosting, SEO, and social media management. They specialize in cross-border B2C deliveries and take care of international cross-border shipments across countries in Southeast Asia such as Malaysia, Indonesia, Philippines, Vietnam, and Thailand.
Its clienteles include various e-commerce and retail businesses including Qoo10, Charles & Keith, SeeChic, Hachi.Tech, and MatahariMall. It has already helped Singapore e-stores like homeware seller Propupstore, fitness website FitFab, and health supplement purveyor Vermillion sell their products through MatahariMall’s marketplace in Indonesia.
The company views Indonesia as a big opportunity, considering the country’s young population and growing e-commerce market. Its unique proposition is enabling smaller e-commerce and retail businesses in the region to export goods into Indonesia, giving them access to its promising customer base. Indonesian e-commerce market is expected to touch US$130 billion in 2020 with an annual growth of 50 percent and lead the Asian space following China and India. We’ve contacted iCommerce for more details and we will update you once we hear back.