NextGen Day

MANILA, Philippines — A Philippine-based e-commerce firm has raised USD10.7 million from regional and international investors to develop its business, seeing the potential of the country’s e-commerce.

Openspace, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners invested in SariSuki, a virtual sari-sari store startup created by Brian Cu, former president of Grab Philippines and co-founder of Zalora.

Cu said the new funds will be used to enhance SariSuki’s operations in the Philippines, notably its coverage and product line, in a statement released on Thursday.

“SariSuki provides Filipinos with high-quality supermarket products at low costs that fulfill their daily needs.” We’re also training community leaders to be strong micro-entrepreneurs who can assist drive the country’s economic growth from the ground up,” he said.

Cu, who is also the CEO of SariSuki, said the e-commerce startup’s founders have a thorough understanding of the local market and are confident about the company’s future growth.

SariSuki’s gross merchandise value has increased 36 times in the last nine months since it was founded in May 2021.

In the Greater Manila Area, Bulacan, Cavite, Laguna, and parts of Rizal and Pampanga, it now serves over 60,000 customers.

“We are a group of founders who grew up in the Philippines and are well-versed in our industry.” This, combined with our experience scaling up huge digital companies in the region, led us to believe we could do more by improving supply chain infrastructure efficiencies,” Cu said.

SariSuki uses a community-based group purchase approach. Community Leaders, or KaSari, are those that sell their items on the platform. KaSari’s grocery goods are consolidated by SariSuki.

SariSuki has been able to sell supermarket-quality products at wet market costs thanks to its business approach.

SariSuki also buys fresh vegetables from local farmers and sells them at a discount to the community.

Despite the pandemic, just 3% of the supermarket and retail industries have utilized e-commerce to sell their products, according to the startup company.

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