Philippines-based MSME platform GrowSari adds $77.5 million to its Series C – MovieUpdates

GrowSari, a Manila-based small business digitization platform in the Philippines, today announced it has added $77.5 million to its Series C round. Combined with previous funding, including $45 million announced in January, this brings the round’s total to approximately $110 million. Investors included the International Finance Corporation, KKR, Wavemaker Partners and the Temasek Group’s Pavilion Capital.

The new capital will be used to expand into new store formats, build a logistics and fulfillment network and hire GrowSari’s operations, technology and data science teams.

Co-founder and CEO Reymund Rollan told MovieUpdates that GrowSari has again raised funds as it seeks to expand its fintech offering for store owners and build its supplier market, including commodities. It also plans to serve more types of MSMEs, such as carinderias (small eateries), small over-the-counter pharmacies and other roadside and market shops.

GrowSari’s small business tools, founded in 2016, now include inventory management, pricing tools, a logistics network, and working capital loans. It also enables retailers to offer telco top-ups and bill payments. Its customers now include 100,000 stores in more than 220 municipalities in Luzon, and it plans to expand to Mindanao soon.

A screenshot of the GrowSari . app

GrowSari .’s app

Other plans include adding more financial services and logistics solutions, with plans to have more than 50 fulfillment centers across the country.

In a prepared statement, Stephanie von Friedeburg, IFC’s Senior Vice President of Operations, said: “The pandemic has fundamentally changed the way companies operate,” said . “Companies that ignore digital technology are directly disadvantaged. Our investment will enable Growsari to expand digital adoption and financial services for SMEs, which is critical to keeping them competitive, and for a resilient and inclusive recovery.”

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