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Philippines-based MSME platform GrowSari adds $77.5 million to its Series C – TechCrunch

GrowSari, a Manila-based small business digitization platform in the Philippines, announced today that it has added $77.5 million to its Series C round. Along with previous financing, including $45 million announced in January, bringing the total for the round to approximately $110 million. Investors included International Finance Corporation, KKR, Wavemaker Partners and Temasek Group’s Pavilion Capital.

The new capital will be used to expand into new store formats, build a logistics and fulfillment network, and hire GrowSari’s operations, technology and data science teams.

Co-founder and CEO Reymund Rollan told TechCrunch that GrowSari raised again because it wants to expand its fintech offering for store owners and build its supplier marketplace, including commodities. It is also planned to serve more types of MSMEs, such as B. Carinderias (small restaurants), small over-the-counter pharmacies and other street and market shops.

Founded in 2016, GrowSari’s small business tools now include inventory management, pricing tools, a logistics network and working capital loans. It also allows retailers to offer telecom top-ups and bill payments. Its customers now include 100,000 stores in over 220 communities in Luzon and plans to expand into Mindanao soon.

GrowSaris app

Other plans include adding more financial services and logistics solutions with plans to have more than 50 fulfillment centers across the country.

In a prepared statement, Stephanie von Friedeburg, senior vice president of operations at IFC, said: “The pandemic has fundamentally changed the way companies operate,” said . “Companies that ignore digital technologies put themselves at an immediate disadvantage. Our investment will enable Growsari to scale digital adoption and financial services for MSMEs, which is critical to keep them competitive and for a resilient and inclusive recovery.”

Philippines-based MSME platform GrowSari adds $77.5 million to its Series C – TechCrunch Source link Philippines-based MSME platform GrowSari adds $77.5 million to its Series C – TechCrunch

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