Giosis raises $112 million in Series A funding

A screenshot of the e-commerce site Qoo10.

SINGAPORE - Singapore-based Giosis, the parent company of e-commerce platform Qoo10, has raised US$82.1 million (S$112.2 million) in a Series A funding round led by SGX-listed Singapore Press Holdings Ltd (SPH).

The funding also has participation from eBay, Saban Capital Group, UVM 2 Venture Investments LP, Brookside Capital and Oak Investment Partners, a company press release issued on Wednesday stated.

The Pan-Asian Qoo10 operates six e-commerce marketplaces in Singapore, Japan, Indonesia, Malaysia, Hong Kong and China, and has amassed some 17.6 million registered users since its launch in 2010.

Last year, it recorded US$408 million in gross merchandise volume, said the release.

Of the six markets in which the company operates, Qoo10 Singapore is the best performer with 1.8 million registered users as at June 2015 and US$182 million in GMV in 2014, the release added.

The new funding will help Giosis grow the Qoo10 team and technology to other Asian markets such as Malaysia, Hong Kong and China.

As the lead investor in this Series A round, SPH will partner Qoo10 to explore strategic collaborations on the e-commerce platform across content, marketplaces, retail, advertising and classifieds opportunities.

"With the region's e-commerce market poised to grow, this investment puts us in a good position to tap on the industry's growth and be an active player in this e-commerce space," SPH chief executive Mr Alan Chan said.

Qoo10 chief executive Mr Ku Young Bae said the aim of the company will be to further strengthen its position as the leading Pan-Asian marketplace.

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