The prestigious Forbes Asia’s 100 to Watch List shines a spotlight on Packworks for its exceptional efforts in uplifting sari-sari stores, illustrating its commitment to driving meaningful change.

Sari-sari store enabler Packworks among Forbes Asia’s 100 to Watch List of 2023

Packworks, a local startup that provides a business-to-business (B2B) open platform to sari-sari stores, has been recognized as one of the companies to watch out for in the Asia-Pacific region in Forbes Asia’s 100 to Watch List of 2023.

The Forbes Asia’s 100 to Watch List this year aims to spotlight companies and startups “targeting underserved markets or applying new technologies.”

Packworks is one of only nine companies from the Philippines that have made it to the list. It is also one of the nine listed companies in the e-commerce and retail industry.

Forbes Asia said the final 100 were selected from over 550 submissions and nominations from accelerators, incubators, SME advocacy organizations, universities, and venture capitalists across the region.

To qualify for the list, companies must be headquartered in the Asia-Pacific region, be privately owned and for-profit, have an annual revenue not exceeding $50 million, and have received no more than $100 million in total funding as of August 7, 2023. Metrics such as a positive impact on the region or industry, a track record of strong revenue growth or ability to attract funding, promising business models or markets, and a persuasive story were considered.

“We are honored to be recognized by Forbes Asia and included in their ‘100 to Watch List’ for 2023. At Packworks, our mission has always been to empower sari-sari stores through our open platform, and this recognition underscores our commitment to driving innovation in the e-commerce and retail industry,” Packworks Co-founder and CEO Bing Tan said.

“To every sari-sari store owner, partner, and dedicated team member who has believed in and journeyed with us — this recognition is as much yours as it is ours,” he added.

Packworks was born in 2018 out of a passion project by Tan alongside co-founders Ibba Bernardo and Hubert Yap, who first started as motorbike buddies delivering solar panels to provinces and far-flung places across the country. During their excursions, they saw firsthand the challenges brought by limited access for sari-sari store owners. They embarked on developing an application for small store businesses to have a one-app stop for all their needs. 

Launched as a solution for multinational companies with only a handful of sari-sari store partners, Packworks has rapidly expanded as a B2B platform that enables growth and success throughout all stakeholders in the supply chain ecosystem, from small sari-sari store owners to wholesalers, distributors, and renowned FMCG companies and brands. With about 75% of women-owned sari-sari stores, Packworks also works to empower female entrepreneurs.

The company raised US$2 million in seed fund in August last year and is backed by ADB Ventures, Arise, CVC Capital Partners – Fast Group, IdeaSpace Foundation, and Techstars. It then launched its mobile enterprise resource planning (ERP) platform and now provides technology solutions to over 270,000 sari-sari stores across the Philippines. Through the Sari.PH Pro app, sari-sari store owners can access pricing tools, inventory management, sales and revenue tracking, and working capital loans.

Packworks also launched last year the business intelligence tool Sari IQ, which utilizes data analytics to understand and predict consumer behavior, enabling retailers and multinational brands to make data-driven decisions that boost sales for sari-sari store owners and expand their product offerings to a larger customer base.

Packworks will represent the Philippines at the Startup World Cup 2023 in Silicon Valley, USA, in December after winning Ignite 2022’s Startup World Cup (SWC) x Wildfire Pitch competition in October last year.

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About Packworks

Packworks is a startup company that provides a business-to-business (B2B) platform that is easy to use, has low bandwidth, and has a light footprint that will allow sari-sari store owners to become more efficient in managing their business. Founded in 2018 and started as a solution for multinational companies in the Philippines to connect with neighborhood stores, the platform has now transformed into a way out of poverty for the millions of sari-sari store owners across the Philippines. Packworks empowers the sari-sari stores through scalable and accessible technology, with its team composed of dedicated developers, programmers, and technicians that work to put the power back into the hands of the people at the heart of Filipino communities by providing them with digital opportunities previously only available to big companies. By bringing technology-based solutions to one million Filipino sari-sari stores, Packworks is driving toward a more progressive, connected, and inclusive Philippines.

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