Filipino business-to-business (B2B) e-commerce platform GrowSari has signed definitive agreements to secure a $45m investment from global investment firm KKR.
The investment will be made as part of GrowSari’s Series C funding round.
Founded in 2016, GrowSari serves small physical retail stores, including neighbourhood retail shops, roadside and market shops and pharmacies, in the Philippines.
The tech-enabled B2B platform aims to help stores grow and digitise by providing them with access to a wider range of products and value-adding services.
GrowSari will use the proceeds from the investment to expand its geographical footprint in the Philippines and enhance its financial service capabilities.
The company currently operates in 220 municipalities across Luzon and offers more than 100 types of services, including bill payments, telco reloads, wallet top-ups and procurement services.
GrowSari CEO and co-founder Reymund Rollan 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 year.
“This will bring us a step closer to our mission of creating a positive socio-economic impact to the lives of more micro, small and medium enterprises (MSME) owners and the communities they serve.
“In addition, we are doubling down on our capabilities to improve the overall customer experience and look to expand our ability to provide neighbourhood sundry stores access to credit and basic financial services, which is a key pain point for MSMEs who have limited access.”
KKR will make the investment as part of its Asia next-generation technology strategy.
Other participants in GrowSari’s ongoing Series C round include Temasek-affiliated Pavilion Capital, Tencent, the International Finance Corporation and the Gongkowei family-controlled JG Summit.
GrowSari described the funding round as ‘oversubscribed’ and said its final composition is currently being finalised.