Ecommerce firm Shopmatic acquires marketplace integration startup CombineSell
In March 2019, Shopmatic had acquired a 50.1 percent stake in retail management and PoS solution provider Octopus, to unlock the omnichannel growth strategy for its merchants.
Singapore-based ecommerce enabler Shopmatic that also has a presence in India, Hong Kong, China, Malaysia, the Philippines, and the UAE has announced the acquisition of CombineSell, a software-as-a-service (SaaS) platform that automates and simplifies multichannel ecommerce selling by aggregating online marketplaces onto a single platform.
Earlier, in March 2019, Shopmatic had acquired a 50.1 percent stake in retail management and PoS solution provider Octopus, to unlock the omnichannel growth strategy for its merchants.
Commenting on the acquisition, Anurag Avula, Co-Founder & CEO, Shopmatic, said,
“We are very happy with the acquisition of CombineSell. This gives us a significant advantage in enabling the overall growth and success of all merchants on our platform. In just a single click, merchants will now have access to selling across numerous channels in various countries across Southeast Asia. The acquisition of CombineSell further consolidates our position as clear market leaders in digitising SMBs and individual entrepreneurs in APAC.”
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CombineSell leverages technology to enable merchants to sell on multichannel ecommerce platforms, and drive campaigns for business growth. With this acquisition, Shopmatic’s merchants will now be able to leverage the power of selling on multiple channels while managing their online business through a single dashboard.
CombineSell has 30+ ecommerce channel integrations available - including those with Lazada, Shopee, Qoo10, Amazon, eBay, Carousell, Redmart, Xero, etc, from a single, centralised platform, and has generated over $150 million of GMV in the last 12 months. CombineSell was co-founded by June Yong, Amanda Ho, and Gerald Lam, and has over 30+ people based across Singapore and Malaysia.
Loh June Yong, Founder & CEO, CombineSell, added,
“At CombineSell, we understand that growing an online business can be rife with challenges. To the same end, we have been making it easier for sellers on our platform to grow and manage their business across multiple marketplaces. Shopmatic has cemented its position as a powerhouse ecommerce platform for small businesses and individual entrepreneurs. Following the latest development, we are excited to join forces with Shopmatic and together enable the online success of businesses in the emerging markets.”
With over 250,000 merchants on its platform, Shopmatic clocked a 174 percent QoQ revenue growth and a 160 percent hike in transactions on its platforms within the April-June quarter. Founded in December 2014, the company is geared up to bring half a million merchants online in the current financial year.
Shopmatic has raised around $14.5 million from its incorporation till date with August One, SEEDS Capital and a consortium of investors.
(Edited by Evelyn Ratnakumar)