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Parent of Myanmar’s Mediaload secures series A funding

Cambodia-based Groupin, an internet startup, has secured US$5 million in a series A funding round from Belt Road Capital Management (BRCM), a Mekong-focused private equity company, a released stated last Monday.

Groupin claims that it is the largest funding round in history raised by a Cambodian tech startup.

The firm is founded by four siblings, Vichet In, Vichea In, Visal In and Mayan In. It is a holding company of Little Fashion, Cambodia’s leading e-commerce business, and Mediaload, a digital media firm with operations in Cambodia and Myanmar (known locally as Myanmarload).

“Little Fashion primarily operates in the low-cost online fashion industry, taking advantage of rising internet penetration, increasingly active online customers, and a growing middle-income population in Cambodia,” said Alex Odom, chief investment officer of BCRM. “Bringing Mediaload together with the e-commerce platform allows for significant synergies and access to millions of potential customers in both Cambodia and Myanmar.”

The funding is necessary to transform the startup into a regional player, said Vichet In, Groupin’s chief executive. “We will invest in mobile technology, logistics chain, product vertical expansion, and customer support to turn L192 (Little Fashion) into the region’s most customer-centric marketplace platform. We believe our digital media business model needs to evolve into a content aggregator app. With its operational efficiency and local understanding, Mediaload has big potential to be a localised super content app,” he added.

Southeast Asia’s e-commerce and online media market sizes are estimated to be US$30 billion and $11 billion in 2018 respectively, according to 2018 Google-Temasek report. Moreover, it projected that the two markets could grow to $102 billion and $32 billion in 2022.

At present, there are estimated to be 220,000 active online buyers in Myanmar and only 1 percent of them makes online purchases, according to The Department of Trade. The market is about 0.07 percent of Myanmar’s GDP.

There are currently no formal regulations for registering e-commerce businesses in Myanmar and the government has not yet decided which authority will have jurisdiction.

Source: Myanmar Times

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