Since its launch in May 2021, SariSuki has grown 36 times in terms of gross merchandise value in the past nine months. The team, which includes CEO Cu, COO Philippe Lorenzo, Chief Commercial Officer Manuel Mejia, and Head of Strategy and Fundraising Angelo Lee, also learned that community group buying has long been a common practice in China and Indonesia. SariSuki’s founders later discovered that this type of business model was taking off all over the country, where community sellers provided for the needs of their neighbors. By consolidating her customers’ orders, she was able to order produce from suppliers in bulk and, in turn, passed on the discounts to her buyers. The idea behind SariSuki came a few months after the pandemic broke out in 2020, when Cu’s wife Kate began selling fresh fruit and vegetables to fellow residents in their community through a social media app. SariSuki’s business model empowers everyday Filipinos to become Community Leaders and helps uplift local farmers, all while delivering high quality, affordable groceries to consumers. With the infusion of new funds, SariSuki aims to expand its product assortment and operations to reach more Filipino consumers. According to JGDEV President and CEO Jojo Malolos, “We believe in SariSuki’s potential to drive e-commerce adoption in the country, particularly in areas underserved by traditional players. Supportive of SariSuki’s advocacy to break down the barriers preventing greater e-commerce adoption in the country, JGDEV alongside other local and foreign investors including Openspace Ventures, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, and Foxmont Capital Partners helped raise US$7.1 million in the latest funding round for the startup, bringing its total fund raised to US$10.7 million as of March 2022. ![]() ![]() While the Philippines’ e-commerce market has the potential to reach $15 billion in gross merchandise value by 2025, the adoption of e-commerce in the grocery and retail industry remains low, with under 3% of businesses in the sector being online. We are also empowering community leaders to be strong microentrepreneurs that will help propel the country’s economic growth from the grassroots level,” said Cu in a statement. “SariSuki offers Filipinos value grocery products at extremely affordable prices that meet their daily needs. SariSuki aims to uplift communities throughout the Philippines by providing an online platform where citizens can create earning opportunities for themselves. ![]() JG Digital Equity Ventures (JGDEV), the corporate venture capital arm of JG Summit Holdings, is supporting the development of the country’s e-commerce sector by participating in the latest funding round for SariSuki, an online community selling platform co-founded and led by Brian Cu, the former president of Grab Philippines. They have been already working with multiple partners (retailers, wholesalers, distributors) outside the Growsari network to offer credit to their customers and support their cash management. SariPay is the independently run financial services company which aims to support the MSME network with working capital loans, cash management, remittances and similar products. Sandeep Bhalla will elevate his role as the General Manager of SariPay. sari-sari stores, Carinderias and bakeshops) and will operate independently from Growsari’s platform, including partnering with other offline and online players. SariMart will have the mandate to be the country's largest B2B Ecommerce wholesaler for neighborhood MSMEs (e.g. ![]() Maimai Madrid-Punzalan, currently Growsari Enterprise Chief Growth & Marketing Officer, will take the position of General Manager for SariMart, which is the B2B Ecommerce business arm of platform. With this, there have been new leadership appointments to run these business units. Philippine's leading B2B ordering and store solution platform, Growsari Enterprise has recently unveiled its new business units SariMart and SariPay.
0 Comments
Leave a Reply. |