PH Startup GrowSari to Expand in Visayas and Mindanao, Raises $110 Million in Funding

GrowSari, a business-to-business (B2B) e-commerce startup, has secured a total funding of $110 million after it raised $77.5 million during its latest Series C funding round. The International Finance Corporation (IFC), KKR, and Pavilion Capital of the Temasek Group were among the most notable investors who participated in the round.

The company was founded in 2016 with the aim of supporting small physical retail stores in the country such as sari-sari stores, karinderias, pharmacies, and other roadside and market shops by providing the tools necessary to grow their businesses. GrowSari has also incorporated new services into its platform including telco loading and bills payment as well as equipping micro, small, and medium enterprises (MSMEs) with credit that eases working capital constraints to enable the growth of store operations.

“We are very grateful for the confidence shown by existing and new investors as we try to transform the MSME space in the Philippines,” expressed GrowSari CEO and co-founder Reymund Rollan, affirming that the funds will be used for the company’s national expansion. “Not only will this funding allow us to fuel our growth, but this will also help us bring top global quality talent in Operations, Technology, and Data Science into the startup ecosystem of the Philippines.”

In 2018, GrowSari only had a base of 1,000 sari-sari stores across three cities in the country. Since then, it has expanded its platform to provide its services to more than 100,000 stores in over 220 municipalities across Luzon. “We have already launched in the Visayas, with Iloilo as the first city, and will launch in Mindanao soon. We also have the largest B2B fulfillment network and will have 50-plus fulfillment centers nationwide,” added CTO and co-founder Siddhartha Kongara.

“We are also fast progressing on our vision to use the GrowSari technology stack to help other companies in their logistics and e-commerce journeys. We already have more than 10 traditional companies that are leveraging the platforms to improve their business operations.”

Wavemaker — a backer of the startup since 2016 — managing partner Paul Santos explains that “With this raise, GrowSari has further cemented itself as one of the top Filipino tech companies, combining an experienced international management team with marquee global investors and local strategic partners. More importantly, this funding recognizes the Filipinos’ capability to excel in the field of entrepreneurship and shine in the startup scene.”

Sources: Rappler, Manila Bulletin