iStore iSend, a Malaysian logistics and supply chain company, has secured US$5.5 million in a Series B round, co-led by Gobi Partners and logistics company EasyParcel.
The Selangor-headquartered startup will use the fresh capital to expand its services outside of Malaysia to more faster-developing markets such as the Philippines, Thailand and Vietnam.
A portion of the funds will also be used for the acquisition of online-to-offline (O2O) clients in existing markets.
iStore iSend is an end-to-end fulfilment solution company providing clients with a complete omnichannel experience, from warehouse management to shipping.
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The company has developed new functions and capabilities around helping offline companies go online by offering e-enabler services for brands and retailers, including online store setup, besides brand onboarding solutions for online e-marketplaces, official online store management, and growth and marketing campaigns management.
“The full-stack services that iStore iSend offers its clients as well as the full integration of its system into the most popular e-commerce sites is a real opportunity for investors that should not be overlooked,” Thomas G. Tsao, Chairman and Founding Partner of Gobi, said.
“With the spike in online shopping brought about by last year’s pandemic, more e-commerce players will want to grow their market by enhancing the efficiency and movement of their SKUs (stock keeping unit). iStore iSend is in a strong position to help with those efforts,” he added.
While there have been a surge in the number of online buyers over the past few years in Southeast Asia, there has also been neck-to-neck competition in the sector in the region. Among the leaders in the logistics and supply chain sector are Kargo, Moovaz, Waresix, and Ninja Van.
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Image Credit: iStore iSend
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