GrowSari locks $45Mn funding from KKR to expand footprint & fin. services

GrowSari, a Filipino-based business-to-business (B2B) e-commerce platform, has announced signing an agreement to receive an investment of $45 million, in Series C funding, from the global investment company KKR.

The Series C funding round also witnessed participation from other investors including Tencent, Temasek affiliated Pavilion Capital, International Finance Corporation, and JG Summit-managed by the Gongkowei family.

GrowSari will use these funds to expand its regional footprint in Philippines, while simultaneously planning to grow its financial service competences.

Reportedly, GrowSari, established in 2016, has been supporting small retail stores like the roadside shops, pharmacies, market shops and neighborhood retail shops in the Philippines.

As per credible sources, the B2B platform, equipped with advanced technology, assists the stores to digitize and develop by providing them with access to plethora of value-adding services and wide range of products.

For those unversed, GrowSari is operating in 220 municipalities throughout Luzon, providing more than 100 different variety of services including telco reloads, bill payments, procurement services and wallet-top-ups.

Reymund Rollan, Co-founder and Chief Executive Officer, GrowSari, stated that the firm is aiming to accelerate its presence nationwide, across various cities and municipalities in Philippines.

Rollan added that GrowSari’s investment will focus on expanding in Mindanao and Visayas anytime this year.

He claimed that this move will help GrowSari to get closer to its mission of forming a positive socio-economic impact on micro, small and medium enterprises (MSME) owners, and the communities that it serves.

Reymund further mentioned that the team is enhancing its capabilities to revamp the customer look and experience to expand the e-commerce platform’s ability to provide neighborhood stores the access to basic financial services and credit.

It has been speculated that KKR’s investment in GrowSari is part of its Asia’s advanced technology strategy.

Source Credits:- https://www.retail-insight-network.com/news/growsari-kkr-investment/