GrowSari, a Manila, Philippines-based B2B e-commerce platform serving micro, small and medium-sized enterprises (“MSMEs”), raised US$45m from KKR.
With the investment KKR will lead the in Series C Funding round.
The investment will support the company’s expansion into more regions across the Philippines and strengthen its financial services capabilities.
Founded in 2016 by Reymund ‘ER’ Rollan, CEO, GrowSari is a tech-enabled B2B platform that helps the Philippines’ small physical retail stores, including neighborhood retail shops (sari-sari stores), roadside and market shops (carinderia), and pharmacies, enhance their service levels and access a wider range of products and value-adding services. This allows the stores to provide local communities with more comprehensive offerings, including digital services.
Today, GrowSari is present in 220 municipalities across the regions of Luzon and offers over a hundred types of different services including making bill payments, telco reloads, and wallet top-ups, as well as procurement services for common retail goods and pharmaceutical medicines.
Prior to KKR’s investment, the company had raised funding from global financial and strategic investors, including Temasek-affiliated Pavilion Capital, Tencent, the International Finance Corporation, the Gokongwei family-controlled JG Summit, Robinsons Retail Holdings Inc., Wavemaker Partners, Saison Capital, and the Investment & Capital Corporation of the Philippines.
FinSMEs
27/01/2022