eCommerce

Malaysian eCommerce Firm Takes 7-Figure Stake In BizApp

Malaysian eCommerce Firm Takes Stake In BizApp

Commerce.Asia, an all-in-one eCommerce and technology company, has purchased a 30 percent stake in business platform BizApp, which helps businesses and brands manage daily operations and order fulfillment, according to a report by DealstreetAsia.

The deal is reportedly around seven figures in terms of ringgit, Malaysia’s monetary unit. Commerce.Asia wants to consolidate before setting its sights on expanding. The company says it has more than eight million small and medium-sized businesses throughout seven countries, and that around 61,000 are sellers who grossed 1.5 billion last year.

“We believe that through this strategic investment, Commerce.Asia and BizApp can leverage each other’s platforms to encourage the rural communities to partake in social commerce,” said Founder and Executive Chairman Ganesh Kumar Bangah. “Leveraging our experience, we will expand the BizApp business model across Southeast Asia, enabling us to leverage the fast-growing southeast Asian eCommerce industry.”

BizApp Ventures Founder Hasnol Mizam Bin Hashim said that most of his company’s users are from rural and suburban areas who created successful eCommerce businesses. A large segment of Malaysia’s population does business online.

“The technology-based business tools [that] are currently the backbone of our system will now be further enhanced with Commerce.Asia’s large ecosystem, enabling users to expand regionally, if not globally,” he said.

BizApp has more than 200,000 agents who gross more than 600 million ringgit in merchandise volume.

In other Malaysian eCommerce news, the GrabPay eWallet has been chosen to take part in the e-Tunai Rakyat initiative that will roll out in mid-January, in an effort to push the digital economy forward in the country. The initiative is meant to encourage people to use their eWallets, since only about 8 percent of citizens in the country currently do so.

Grab Malaysia Country Head Sean Goh said in the announcement, “We welcome and fully support our government’s progressive move to accelerate the adoption of eWallets and digital payments among Malaysians.”

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