B2B Platform GrowSari Bags US$45 Million in Ongoing Series C Fundraise From KKRby Fintech News Philippines January 27, 2022
GrowSari, a Philippines’ B2B e-commerce platform serving micro, small and medium-sized enterprises (MSMEs), has secured US$45 million in a Series C funding round from global investment firm KKR.
According to GrowSari, the ongoing Series C round is significantly oversubscribed as it has drawn keen interest from new and existing investors. The round’s final composition is being wrapped up.
The company said that it will be expanding into more regions across the Philippines and strengthen its financial services capabilities with the new funds.
In addition to the funds raised, GrowSari will also tap into KKR’s industry, operational and financial expertise and network.
Prior to KKR’s investment, GrowSari 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, Wavemaker Partners, Saison Capital, and the Investment & Capital Corporation of the Philippines.
Founded in 2016, GrowSari 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.
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.
Reymund ‘ER’ Rollan, CEO and Co-Founder of GrowSari said,
“We will be accelerating our presence nationally to more municipalities and cities in the Philippines. Our investments will be focused towards expanding in Visayas and Mindanao this 2022.
This will bring us a step closer to our mission of creating a positive socio-economic impact to the lives of more MSME owners and the communities they serve.”