Malaysia's grocery mobile app, Jocom, has successfully listed a portion of its share capital on Singapore's first regulated private stock exchange, 1exchange (1X), for total proceeds of S $ 5.6 million (over 17.1 million). RM) achieved.
editor Note: The information in the above paragraph has been edited to reflect factual accuracy.
These funds will be used to expand the group into western Malaysian states such as Johor and Penang, as well as overseas markets such as Indonesia and Australia.
The company plans to invest significant resources in developing an AI-powered backend system to analyze big data such as demographics, customer preferences and purchasing power and convert them into actionable insights for targeted marketing activities.
It will also support delivery logistics, inventory management and pricing for goods, streamlining processes and generating cost efficiency.
With the new funds, the company is ready to complete its transformation as a fully branded online platform and gateway for consumers and local manufacturers in Malaysia looking to penetrate the Malaysian market and beyond.
The future prospects look good
The mobile grocery app was founded in 2015 by co-founders Joshua Sew and Agnes Chua and has since grown into an end-to-end platform for grocery shopping in Malaysia.
It has full control over the entire ordering journey from purchase to fulfillment and owns the platform, proprietary software, delivery fleet and warehouse facilities.
To date, it has 3 million users, 500 vendors, and 15,000 SKUs.
Mobile app aside, a significant part of Jocom's business for the past 5 years has been involved in running virtual stores behind the scenes and fulfilling orders on online marketplaces.
During the COVID-19 pandemic, Jocom's sales grew 30% year over year, helped by an increase in online grocery purchases for essential items.
Commenting on this, Joshua commented, “Our outperformance during the MCO in Malaysia at the height of the COVID-19 pandemic has demonstrated our resilience and relevance as an essential mobile company and we believe this is an opportune time to to start a revision of our own platform. "
He added, "Aside from funding, our new status as a public listed on a private exchange supported by the Singapore Exchange will also expose Jocom to a new pool of investors and improve its positioning for further business opportunities in the future."
Since 2015, Malaysia's e-commerce market has tripled to over $ 3 billion in 2019 and is expected to reach $ 11 billion in 2025, according to the Malaysia Economic and Strategic Outlook Forum in 2021.
In Jocom's view, this is a good sign for future prospects. As of now, it has also already started to gain a foothold in China and direct sales of Malaysian products to Chinese consumers.
- You can find out more about Jocom here.
Selected image source: WOBB