Malaysian grocery mobile app Jocom announced the successful listing of a portion of its share capital on Singapore’s First Regulated Private Stock Exchange, 1 exchange (1X), generating aggregate proceeds of S $ 5.6 million (over RM17.1 million).
From the publisher To note: The information in the above paragraph has been modified to reflect factual accuracy.
These funds will be used for the expansion of the Group in the states of West Malaysia such as Johor and Penang and in foreign markets, notably Indonesia and Australia.
The company plans to invest significant resources in developing an AI-powered backend system to analyze big data such as demographics, customer preferences and purchasing power, turning it into actionable insights for targeted marketing activities.
It will also support delivery logistics, inventory management and commodity pricing, streamlining processes and creating profitability gains.
With the new funds, the company said it is ready to complete its transformation into a fully branded online platform and gateway for consumers and local producers in Malaysia who wish to enter the Malaysian market and beyond. .
Prospects for the future look bright
First created in 2015 by co-founders Joshua Sew and Agnes Chua, the grocery mobile app has since grown into an end-to-end platform for shopping in Malaysia.
He has full control over the entire order journey, from purchase to fulfillment, and owns the platform, proprietary software, delivery fleet, and storage facilities.
To date, it has 3 million users, 500 suppliers and 15,000 SKUs.
Besides mobile applications, a significant part of Jocom’s business over the past 5 years has involved behind-the-scenes operations of virtual stores and ordering in online marketplaces.
During the COVID-19 pandemic, Jocom’s sales jumped 30% year-on-year, boosted by an increase in online purchases of essential items.
Joshua commented on this, saying, “Our outperformance at the Malaysia AGC at the height of the COVID-19 pandemic has proven our resilience and relevance as a mission-critical and mobile business and we believe that is the opportune time to launch a redesign of our own platform. “
He added: “Besides financing, our new status of listed on a private stock exchange backed by the Singapore Stock Exchange will also expose Jocom to a new pool of investors and improve its positioning for more business opportunities in the future. . “
Since 2015, the size of the e-commerce market in Malaysia has tripled to over US $ 3 billion in 2019 and is expected to reach US $ 11 billion in 2025, according to the Malaysia Economic and Strategic Outlook Forum 2021.
This, Jocom believes, bodes well for its future prospects. Currently, it has also already started to make inroads into China, channeling sales of Malaysian products to Chinese consumers.
- You can find out more about Jocom here.
Featured Image Credit: WOBB