2022 PRA Magazine Retailing Magazine 1st Quarter Edition - Page 9

7 RETAIL NEWS CAPSULE
PHILIPPINE RETAILING

Society Pass Completes Acquisition of Pushkart . ph Expanding SEA Footprint

Society Pass Incorporated ( Nasdaq : SOPA ), a leading Southeast Asian data-driven loyalty platform today announced that it has acquired Pushkart . ph , a leading online grocery delivery service in Philippines . As a result of the acquisition , Pushkart . ph becomes a wholly owned subsidiary of SoPa . The move kicks-off SoPa ’ s expansion into the Philippines market . Leveraging on SoPa ’ s capital , Pushkart . ph will focus on dramatically increasing on-demand grocery shopping services to more consumers and more retailers initially to Metro Manila and then to all of Philippines , while empowering grocery stores and restaurants to transform business models and further tap into online markets .
The announcement comes at a time of accelerated rapid growth for delivery services in Philippines , with the internet economy expected to increase 24 % from US $ 17 billion in 2021 to US $ 40 billion in 2025 . Pushkart . ph is one of Philippines ’ fastest growing e-commerce platforms , with a customer base of over 125,000
Philippine bakery and juice shop operator , Balai Ni Fruitas , is eyeing to list on the local stock exchange next month , aiming to raise US $ 6 million to fund its expansion plans .
The company plans to issue 325 million primary common shares and 50 million secondary common shares at an offer price of up to P0.75 each ( US $ 0.015 ). The majority of proceeds will be used for opening new stores between now and next year , opening commissaries and potentially acquiring other bakery brands .
“ The company ’ s current footprint is concentrated in Metro Manila , but Balai also intends to also expand in provincial areas going forward ,” it said in its prospectus . registered users , over 35,000 social media followers , and more than 20,000 mobile app downloads .
Commenting on this strategic step , Dennis Nguyen , Society Pass Founder , Chairman and Chief Executive Officer , said , “ We are excited to combine the robust technology , retail and operational prowess of a high-performance brand like Pushkart . ph with our brand building experience . As the Philippine consumer faces tremendous challenges with traditional brick and mortar shopping due to a plethora of hurdles including excessive wait times in traffic / public transport , SoPa aims to provide viable solutions by providing impetus to the growing e-commerce industry in the country . Given the immense potential of the Philippines market , we are very excited about the opportunities that this acquisition will bring in the upcoming months . In addition , as Philippines is a cornerstone of SoPa ’ s VIP ( Vietnam , Indonesia , and Philippines ) acquisition strategy , I expect to acquire a number of market leading companies in Philippines over the next few months .”
“ We are very excited to announce our acquisition by Society Pass , this partnership provides us the opportunity to not only grow our presence in Philippines but further our lead in the grocery delivery business . We are excited to join the larger SoPa ecosystem which will enable us to harness its integrated marketing and technology proposition while also strengthening our collective senior management resources . We foresee that this will lead to immediate returns in terms of cost optimisation and increased revenue generation . With the capital provided by SoPa , Pushkart . ph will now be empowered to provide enhanced end to end solutions to our customers and ensure an amplified market presence ,” said Michael Lim , CEO of Pushkart . ph .
Source : Business News Asia

Filipino retailer plans IPO debut next month to expand footprint

The company currently operates Fruitas House of Desserts tea chain , Buko ni Fruitas and bakery chain Balai Pandesal , which it acquired last year . As of last September , Balai Ni Fruitas has 69 stores across the country .
Source : Inside Retail Asia