Great Deals and its partners hope that they could build the country’s digital economy and make it the norm.
GREAT Deals, the Philippines’ top e-commerce corporation, had just raised $30 million (P1.4 billion) capital in its Series B funding round.
This was done with the help of leading logistics firm Fast Group, supported by private equity firm CVC Capital Partners.
The Series A funding round received a $12 million contribution by Navegar, another private equity firm.
Recently, the definitive agreements had been signed by Steve Sy (Founder and CEO of Great Deals), William Chiongbian II (Group President and CEO of Fast Group) and Javier Infante (Managing Partner of Navegar).
Chiongbian is proud of this decision, saying it would positively affect both Fast Group and Great Deals, as well as the general growth of Philippine e-commerce.
The capital infusion will be used in furthering Great Deals’ tech development and constructing an automated fulfillment center.
Its ultimate goal is to strengthen e-commerce in the country in the coming years.
“We recognize that Philippine logistics is by far the toughest across the ASEAN region,” said Sy.
This makes possible the emergence of Instant Commerce where delivery can be done in just an hour wherever you are in the country.
Great Deals and its partners hope that they could build the country’s digital economy and make it the norm.
In fact, e-commerce is on its way to complete success.
Advancements like these plans by Great Deals and its partners would only make the Philippines as competitive as its ASEAN neighbors.
(EFO)
Tags: #GreatDeals, #ecommerce, #digitalpayments