Shopmatic set to turn cash positive in 2021
The Singapore based ecommerce enabler is in advanced discussions to close a Series B fund raise to fuel its aggressive growth plans
India, January 11, 2021: Shopmatic, leading international e-commerce enabler has registered revenues of over S$7M in 9 months – Apr-Dec 2020 exceeding its targets by 40%. Riding on an upward trajectory with its recently launched range of tech-enabled solutions for the countries’ SME and entrepreneur sectors, Shopmatic turned EBITDA positive – a year earlier than originally projected.
The Company witnessed great demand from customers in Singapore, India, Malaysia & Hong Kong, a testament to the digital wave which has been accelerated due to the effects of COVID-19.
In April 2020, when the initial faltering of the economy was felt due to the pandemic, Shopmatic focused its efforts on providing managed solutions through one of its locally acquired companies- CombineSell Pte Ltd. This move was to help move Singapore’s SMEs offline to online by providing them an opportunity to outsource their digital team.
In May 2020, Shopmatic introduced a special solution for grocery/ ‘kirana’ stores to go online – and found great adoption from businesses across India and Singapore.
The company witnessed 80 percent growth over the July-September quarter in transactions and GMV compared to the previous quarter, another testament to the digital wave that fuelled e-commerce adoption by SMEs.
In December 2020, Shopmatic launched a whole new range of eCommerce solutions allowing individual entrepreneurs and SMEs to choose from 4 different ways to eCommerce via Shopmatic Chat, Shopmatic Social, Shopmatic Webstore, and Shopmatic Marketplaces.
During the last 9 months, Shopmatic as a group has enabled over 5000 Singaporean businesses to digitize and generate significant customer revenues by helping businesses sell through marketplaces, social media commerce and their webstores.
The Company is now planning to expand to other countries in SouthEast Asia this year and is in advanced discussions with several investors, for a Series B Fund Raise.
Speaking on what 2021 holds for Shopmatic, Mr. Anurag Avula, CoFounder & CEO, Shopmatic, said, “We are very happy that we were able to close 2020 on a hugely positive note and are now able to step into 2021 with even more aggressive plans to digitize local businesses and entrepreneurs in Singapore, India, Malaysia & Hong Kong. We continue to make significant investments behind key resources to be able to drive our organisation to the next level and expand footprint into new markets in South East Asia. At Shopmatic, our focus is to build a sustainable & profitable business and we are delighted that we’ve been able to reach this significant milestone a year ahead of plan.”
“Very few companies have the tenacity and drive that the Shopmatic team has displayed, ever since it started. We are very impressed with the way the Company has been shaping up and investing behind innovations to help entrepreneurs digitize their business. The opportunity for digitalizing SMEs is now greater than ever and August One is proud to continue our support for Shopmatic in their next round of funding and beyond.” said Sameer Narula, Managing Partner, AugustOne.
As an e-commerce solutions provider, Shopmatic brings several elements of the e-commerce landscape onto a single platform to help SMEs and individual entrepreneurs take their businesses online. From creating a customized online store, selling through social & chat commerce, selling on multiple marketplaces with integrated global payment options and shipping solutions, creating & promoting digital advertising, Shopmatic makes it easy for anyone to sell online.
What started as a 3 member founding team, has now grown to a 120 member global team operating in India, Singapore, Malaysia, Hong Kong and other markets. The Company continues to drive innovation in ecommerce and promises to announce more offerings on its platform in the near future.