Manila, Philippines – GrowSari, a local-born business-to-business (B2B) e-commerce enabler, has recently concluded its Series B funding, where it has collected more than US$30m in funding, which will be used to expand its services across clients nationwide.
Said funding was led by Gokongwei-led listed Philippine retailer Robinsons Retail Holdings Inc. (RRHI) and JG Digital Equity Ventures, as well as Wavemaker Partners. Other participants included Pavilion Capital, a Singapore-based investment company focused on Southeast Asian and North Asian economies Tencent, China’s leading technology company, International Finance Corporation (IFC) a member of the World Bank Group, ICCP SBI Venture Partners, and Singapore-based growth fund Saison Capital.
GrowSari is a tech-enabled B2B platform that outfits Philippine sari-sari store owners with inventory, infrastructure, and tools to manage and grow their business while generating crucial data and market insights for manufacturers and distributors.
For context, sari-sari stores in the Philippines are generally defined as mom-and-pop neighborhood stores in the country, and are considered the backbone of the local economy in their respective communities.
There has always been a great significance and dependence to sari-sari stores in the country, as around 84% of Filipinos purchase essential goods at the over 1.1 million stores across the country, with 60% of fast-moving consumer goods (FMCG) shopper spending happening in such stores. These sari-sari stores are hyper-proximal, with 90% of consumers having a store less than 100 meters away from their home. On average, consumers transact twice a day from their nearest sari-sari stores.
GrowSari primarily aims to tap into the sari-sari store’s potential to be the biggest and most accessible distribution channel in the Philippines by driving efficiencies in route planning while collecting valuable insights on store behavior.
Through its app, sari-sari stores can double their earnings through access to better pricing for more than a thousand of fast moving sari-sari store stock keeping units (SKUs) from the largest brands across all the major FMCG categories. This is in addition to microfinancing support and assistance, and multiple e-services including telco, bills payment and remittance.
This objective is supported by its co-founder, ER Rollan, who states that the company aims to empower and significantly increase the earnings of sari-sari stores in the Philippines by providing direct access to a wide assortment of affordable products, e-businesses, and financial assistance.
“With the fresh funds, we aim to more than double GrowSari’s existing coverage and service more than 300,000 sari-sari stores, including those in Visayas and Mindanao. This will also help us broaden our supplier marketplace with new third-party partners and scale our financial service pilots,” Rollan said.
Meanwhile, Siddhartha Kongara, CTO at GrowSari, commented, “Through GrowSari, we want to use proprietary technology to accelerate financial health for Filipino sari-sari store owners, helping them to use, protect, and grow their business in the long run and transforming sari-sari stores into comprehensive service hubs for the Philippines’ grassroots communities.”