04.Nov.2016 - Posted by dealstreetasia.com
Indonesia: WeShop bags 7-digit funding from Vietnamese, Malaysian investors
Vietnam-based tech group NextTech Group of Technopreneurs and Malaysia’s Haspro Holdings have jointly provided a US seven-digit funding for weshop.co.id
October 20, 2016: Vietnam-based tech group NextTech Group of Technopreneurs and Malaysia’s Haspro Holdings have jointly provided a US seven-digit funding for weshop.co.id and an undisclosed amount for its parent firm WeShop Global Group to unlock cross-border shopping opportunities.Both investors will have board seats at WeShop Global, while a senior executive from NextTech will act as chairman of the company.
“This fund will be used to promote the benefit of worldwide shopping to online consumers and to strengthen the operation and customer service for WeShop Indonesia and other markets across Southeast Asia,” said a joint release.
As a result of the investment, weshop.co.id has become the first cross-border e-commerce platform launched in Indonesia, the companies said.
“Cross-border shopping is a booming trend in e-commerce nowadays, growing two times faster than the total B2C market and five times faster than global cross-border trade until 2020 thanks to its nature of bridging the merchandising availability between countries. However, logistics cost, complicated payment method and risk concern are among the barriers for online consumers,” commented Emme Dao, founder and CEO of WeShop Global.
The portal enables Indonesian shoppers to purchase more than 200 million genuine products from the US and other famous brands, which are often unavailable or more costly locally.
Payment can be made through any local payment method before the items are delivered, while taxes and other fees are to be paid separately before delivery. The platform offers up to 70 per cent discount compared to products sold at local stores.
Consumers are allowed to order products that are not available on the portal by submitting any web address of the desired goods to WeShop platform for on-behalf selling and shipping service, thanks to the company’s logistics network across six Southeast Asian markets and the US.
“As regional serial investors into disruptive technology companies, together we see the potential for WeShop to transform the way people import and export through e-commerce. This is somehow similar to what Uber has done successfully in transportation industry,” jointly said Philippe Nguyen, NextTech’s chairman, and Charles Ng from Haspro.
WeShop, incorporated in Singapore, is currently running businesses in Indonesia, Malaysia, Singapore, Philippines, Thailand, America and Vietnam. It is a unit under the family of NextTech, formerly Peacesoft Corporation, which has re-branded for international expansion purpose.
NextTech, initially backed by IDG Ventures and SoftBank, is investing into dozens of digitalised platforms across the region, including local marketplace, payment gateway, mobile wallet, cross-border shopping, cash-on-delivery gateway, fulfilment network and mobile-PoS payment facilitator.