Commerce.Asia Sets New Malaysian Record for Raising Malaysia's Largest Equity Crownfunding Round
- Closes RM 5 million Round of Funding from 93 Malaysian and International Investors
- Enters into Agreement to Close Second Round of Funding for its First Investment, Kumoten at 10 times its Entry Valuation
KUALA LUMPUR, 25th October 2018 - Commerce DotAsia Ventures Sdn Bhd (“Commerce.asia”), an omnichannel ecosystem builder that invest into commerce enablers has set a new record for raising the Largest Equity Crowdfunding Round in Malaysia recognized by the Malaysian Book of Records. 93 Malaysian and international investors participated in the online fund raising exercise to invest into Commerce.Asia through PitchIN, a licensed equity crowdfunding platform.
Commerce.asia was founded by Ganesh Kumar Bangah (“Ganesh”) in 2017 after he conceptualised the Total Ecosystem Support Strategy that has become the core of Commerce.asia business. He currently leads the strategic direction, execution and monitoring of Commerce.asia’s business plan. Prior to founding Commerce.asia, Ganesh was the Founder and Executive Chairman of MOL Global Inc., a global payment service provider that became South East Asia’s first Internet Company to be listed on the NASDAQ in 2014. Ganesh was also recognised as the Youngest CEO of a Public Listed Company in Malaysia by the Malaysian Book of Records at the age of 23.
At a recent Commerce.asia’s Investor Relations event to update the business and financial community, Ganesh was presented with the Malaysian Book of Records for this new achievement from Christopher Wong, Chief Operations Officer of Malaysian Book of Records (MBR).
At the same event, Commerce.asia announced that its first investee, Kumoten has recently closed a equity round led by Cradle Fund. Sdn. Bhd. The equity round was raised at ten times Commerce.asia’s initial entry valuation. Commerce.asia also joined in this second round of funding to maintain its strategic interest in Kumoten. Kumoten grew 180% in 2018 and was accelerated by Commerce.asia’s GrowthX Market Acceleration Program which Commerce.asia licensed from the Silicon Valley.
Kumoten is an existing Malaysian eCommerce enabler based in Puchong. Kumoten’s proprietary automated dropshipping platform enables users to start selling on major online shopping marketplaces like Lazada and Shopee without buying or keeping stocks. The integration with Lazada, Shopee, Lelong.my and 11street coupled with more than 100,0002 SKUs in Kumoten’s catalogue allows users to easily select and sync products to their online stores in these marketplaces.
“We have seen amazing growth in Kumoten since the company first started operations in June 2014. Today, it is acknowledged as Malaysia’s largest home-grown dropshipping platform with more than 100,000 products in the catalogue.” said Ganesh Kumar Bangah, Founder and Executive Chairman of Commerce.asia.
“As an integral part of the Commerce.asia ecosystem, Kumoten enjoys synergies with Commerce.asia’s other investments within the omnichannel commerce space, where each investee company can leverage on each other’s expertise and cross-marketing to grow their respective businesses,” he added.
Besides making strategic investments in various start-ups, Commerce.asia provides strategic advice, hands-on guidance and mentorship for all its investee companies. Commerce.asia combines the technologies of its investees to provide SMEs, Brands and micro-entrepreneurs with end-to-end omnichannel commerce solutions that integrate the best of technology from various technology enablers.
Chief Investment Officer of Cradle Group, Juliana Jan said, “How Asian consumers shop is changing dramatically. It used to be a linear process – from awareness to consideration to purchase. Now, in a connected marketplace, it’s much more complex, with multiple, overlapping touchpoints along the path. And in a market, that’s redefined by digital, Asian consumers’ loyalties are shifting away from brands. Instead, they’re seeking solutions at the ‘micro moments’ where decisions are made along their purchase journeys. From now on, companies that stand out will be the ones that can provide these solutions – seamlessly and intuitively. And Kumoten does just that. It is a solution that aggregates products from various platforms and wholesalers and integrates products for sale by online resellers. We see huge potential in Kumoten and we are excited to support and be part of their growth. Ganesh concluded, “Commerce.asia is committed to grow Malaysia’s Omnichannel Commerce industry through investing in the best companies and providing them with powerful strategic guidance that would in turn grow their business. We are focussed on particular areas that we feel will enable all our companies within our portfolio to enjoy synergistic returns and value.”