Singapore-based online retailer IUIGA announced today it has raised US$10 million in Series A round of funding, led by Konimex Technologies, a subsidiary of Indonesian conglomerate Konimex Group.
The fresh money will be invested across IUIGA’s Singaporean and Indonesian operations, with Indonesia being the key focus for 2020.
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IUIGA will also invest in Big Data and Artificial Intelligence to deepen its e-commerce personalisation.
“Most immediately, we’re intending to grow our Indonesian operations with the target of doubling the office’s headcount in the coming six months. 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,” said Jaslyn Chan, Chief Growth Officer of IUIGA.
Indonesia has always been an attractive market for e-commerce companies because of its large and diverse population. There has always been competition looming from giants like Tokopedia and Bukalapak. However, Chan believes that direct-to-consumer retail opportunities are still untapped in the region.
Launched in 2017, IUIGA sells products ranging from kitchen products to apparels to electronics. The products, claims the company, are “hand-picked from some of the world’s best, undiscovered manufacturers under their Original Design Manufacturer (ODM) business model”.
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By working closely with the manufacturers, the brand opens up opportunities to sell directly to consumers without incurring unnecessary costs by going through middlemen.
The strategic investment from Konimex will help the company broaden the reach of its omni-channel business model across Southeast Asian markets.
Furthermore, IUIGA plans to expand its physical footprint into fulfilling its growing omni-channel demand.
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Image Credit: IUIGA
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