Singaporean e-commerce platform IUIGA on Wednesday announced a USD 10 million Series A funding round led by Indonesian conglomerate Konimex Group. The company plans to use the fresh money to strengthen its technology infrastructure and for market expansion, according to a press statement.
IUIGA is looking into big data and artificial intelligence to deepen the customer personalisation on its platform. It intends to better integrate customers with IUIGA’s omni-channel business model.
Part of the new capital will also be used to strengthen operations in the Singaporean and Indonesian markets. In Singapore, the company has grown 12-fold in gross market value in just three years. IUIGA intends to replicate its success in Indonesia which is its key focus in 2020.
“Most immediately, we’re intending to grow our Indonesian operations, with the target of doubling the office’s headcount in the coming six months,” said IUIGA’s chief growth officer Jaslyn Chan. “Indonesia’s potential is immense, with its burgeoning tech-savvy demographics. We want to be right in the action and unlock the economic potential in growth by 2025.”
Launched in 2017, IUIGA has now nine physical stores in Singapore, and plans to build more. It will also double down on hiring to accommodate the expansion. Online sales are growing four times faster than its regular brick-and-mortar operations.
The company provides a platform for undiscovered manufacturers under its “Original Design Manufacturer” business model.
Investor Konimex Group is a diversified conglomerate based in Indonesia. The group’s portfolio include healthcare, consumer goods, commercial and private real estate, as well as trading and investments.