Lapasar raises US$1.82mil funding round via NEXEA
By Digital News Asia May 7, 2021
- Funding to accelerate Lapasar growth, targeting 10K grocery stores and RM2bil revenue
- Fundraising from NEXEA angel & investors, family offices; co-investor include PitchIN
KUALA LUMPUR-based B2B wholesale-tech company Lapasar has raised US$1.82 million (RM7.5 million) in funding from NEXEA’s angel investors, family offices and corporate investors that include shopper360 Limited, who led the funding round.
[RM1 = US$0.243]
NEXEA is an early-stage venture capital firm supporting and funding high growth tech startups in Malaysia and Southeast Asia. They bring angel investors, family offices and corporate investors to strong Startups to support them in becoming potential unicorns.
Other co-investors include PitchIN and individual investors.
“Lapasar has been a very strong team in a huge market from day one. NEXEA and our investors are very confident in their execution capabilities, hence our 4th round of investments into Lapasar,” Ben Lim, managing partner at venture capital firm NEXEA (pic, left), shared in a statement.
Lapasar started entering the FMCG wholesale market only in June 2020, and has grown 172% year-on-year and above 100x since their first funding round. According to the company, their growth has been unaffected by the Covid-19 pandemic.
Lapasar added that they have ambitions to become the largest wholesale platform in Malaysia by 2025, targeting above RM2 billion in revenue.
Thinesh Kumar, founder and chief executive officer of Lapasar, said the funding will be used to accelerate the company’s growth for their wholesale business.
“We are targeting to serve 10,000 grocery stores, restaurants and hawker stalls over the next 24 months with extensive distribution capabilities by rolling out our mobile application, Lapasar-Borong,” he shared.
“We aim to be the go-to mobile app for retailers to source and buy their FMCG goods at consistently low prices, delivered within 48 hours for free. Lapasar is also beginning to explore lines of credits with partners for the shops as a source of income which has shown early promise and will continue to expand on that as well.”
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