May 26, 2022

Grocery, a small business digitization platform based in Manila, Philippines, today announced that it has added $77.5 million to its Series C round. million dollars, was announced in January. The investors are International Finance Corporation, KKR, Wavemaker Partners and Temasek Group Pavilion Capital.

The new capital will be used to expand stores in new formats, build a logistics and order fulfillment network, and hire specialists in operations, technology and data science.

Co-founder and CEO Raymund Rolland told gaming-updates that Grocery has raised funds again as it seeks to expand its fintech offering to store owners and expand the sourcing market, including merchandise. It also plans to cater to more types of SMEs such as carindrias (small eateries), small OTC pharmacies and other roadside and market shops.

Founded in 2016, Grocery’s small business tools now include inventory management, pricing tools, a logistics network, and working capital loans. It also allows retailers to offer top-ups and bill payments. It currently has 100,000 stores in more than 220 municipalities in Luzon and plans to expand to Mindanao in the near future.

Grocery store screenshot.  Appendix

Grocery. Appendix

Other plans include adding more financial services and logistics solutions, as well as plans for more than 50 fulfillment centers across the country.

In a prepared statement, IFC Senior Vice President of Operations Stephanie von Friedberg said, “The pandemic has fundamentally changed the way companies operate.” “Companies that ignore digital technologies are at a disadvantage. Our investment will enable Grocery to expand digital adoption and financial services for SMEs, which is critical to maintaining their competitiveness and ensuring a sustainable and inclusive recovery.

Leave a Reply

Your email address will not be published.