Commerce.Asia raises largest equity crowdfunding round
Commerce DotAsia Ventures Sdn Bhd (Commerce.asia), an omnichannel ecosystem builder that invests into commerce enablers has set a new record for raising the Largest Equity Crowdfunding Round in Malaysia recognized by the Malaysian Book of Records.
Some 92 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 an 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 Programme 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 100,000 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.
Besides making strategic investments in various start-ups, Commerce.asia provides strategic advice, hands-on guidance and mentorship for all its investee companies.
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.”
MARKETING’s CMO Conference Returns with a Stellar Line-Up
Last year’s sold out conference is back! BIGGER, BETTER and with a NEW awards show to celebrate Malaysia’s best marketers.
Now in its 7th year, the Chief Marketing Officers Conference is a gathering of trailblazers in the Malaysian Marketing sphere.
With a bold yet relevant theme of ‘Goodbye Marketing, Hello Engagement’ this year’s conference will bring you up to speed with what’s going on in the Malaysian marketplace.
The change makers who will take the stage on the 16th of November include:
• Damien Crittenden, VP Client Strategy, Xaxis
• Ben Mahmud, Head Strategy, Business Dev, Petronas Dagangan Bhd
• Dato’ Dr.Hussamuddin Hj. Yaacub, Chairman CEO & Group MD, Karangkraf Media Group
• Lim Imun, General Manager-Marketing Munchworld
• Juliana Chua, GM of Marketing, Pavilion KL
• Tai Kam Leong, Head of Branding & Partnership, Maxis
• Rishi Pahwa, Head of Marketing, Wipro Ginvera Marketing Ent Sdn Bhd
• Schrene Goh, Head of Marketing (Global Market) Malaysia Airlines
• Kenny Wong, CMO Sunrise Berhad ….and more!
The 7th Malaysian CMO Conference & Awards
Date:16th November 2018
Venue: The Grand Ballroom, Sime Darby Convention Centre
For further details on the conference and awards visit: www.marketingmagazine.com.my/cmo2018/conference Or contact Amira/Ruby for further details: 03 7726 2588