PHILIPPINE e-commerce solution provider Etaily seeks to expand to other Southeast Asian markets to drive growth, the startup said in a statement on Tuesday.
The company’s immediate focus is to enter Singapore and other markets in the region amid surging e-commerce penetration and consumer demand, it added.
Etaily is backed by the Ayala group and Gokongwei group. Some of its major shareholders are SKS Capital and Singapore’s Pavillion Capital, a private equity firm under Temasek Holdings.
“So many global brands want to break into the region,” Etaily founder and Chief Executive Officer Alexander Friedhoff said in the statement.
“But while they see the region’s fast-growing middle class, its very large number of younger consumers and its high levels of internet penetration, they also recognize the challenges of getting into a number of different markets, each of which has their own characteristics,” he added.
Etaily said its annual recurring revenue has grown to $100 million since it was launched in 2020.
The company has developed its own proprietary technology that provides end-to-end e-commerce solutions to global and regional brands entering Southeast Asia, including omnichannel retail integration, advanced digital tools and marketplace management.
In 2023, Etaily raised $17.8 million in Series A funding, which was used to scale its platform and expand its capabilities across Southeast Asia.
The company expects to sustain growth through expansion as it enables brands in the fashion, beauty, electronics and fast-moving consumer goods categories, it added. — Revin Mikhael D. Ochave
