Singapore Press Holdings (SPH) is the lead investor in a group that has stumped up US$82.1 million (S$112 million) to help e-commerce site Qoo10 expand further across the region.
The other investors include eBay, Saban Capital Group, UVM 2 Venture Investments LP, Brookside Capital and Oak Investment Partners, Qoo10 said in a statement yesterday.
Qoo10's parent company, Giosis, will use the capital to deve-lop technology and infrastructure while also enhancing its services and talent base.
"With this new funding, we aim to further strengthen our position as the leading Pan-Asian marketplace," said Qoo10 chief executive Ku Young Bae.
SPH chief executive Alan Chan said Qoo10 is the top e-commerce company in Singapore while its parent Giosis has established itself as a regional market leader in the business.
STAYING IN THE LEAD
With this new funding, we aim to further strengthen our position as the leading Pan-Asian marketplace.
MR KU YOUNG BAE, Qoo10 chief executive
"With the region's e-commerce market poised to grow, this investment puts us in a good position to tap the industry's growth and be an active player in this e-commerce space," he added. "The investment in Qoo10 will enhance our portfolio of digital assets and open up opportunities for future marketing collaborations."
Qoo10 was founded in 2010 as a joint venture between Gmarket and eBay with $20 million. Gmarket, which was started by Mr Ku, had been acquired by eBay a year earlier for US$1.2 billion.
Qoo10 operates its e-commerce marketplace in Singapore, Japan, Indonesia, Malaysia, Hong Kong and China. The firm said it has 17.6 million registered users across the region, with a total of US$408 million in gross merchandise value (GMV) last year. Qoo10 Singapore is the best performer with 1.8 million registered users and US$182 million in GMV last year, according to the company's statement.
The latest funding will help the company strengthen its position in its key markets and accelerate its expansion in Malaysia, Hong Kong and China.
SPH will partner with Qoo10 to explore collaborations in the areas of content, markets, retail, advertising and classifieds.