Shopmatic e-commerce tool merges with Octopus Retail Management


Singapore-based e-commerce tool Shopmatic Pte. Ltd announced its merger with Octopus Retail Management Pte. Ltd, also based in the island nation, to create a single entity that will deliver omnichannel offerings for small and medium enterprises (SMEs).

With the combined entity, online businesses can strengthen their e-commerce technology with Shopmatic’s solutions and leverage the physical retail opportunity with Octopus’ point-of-sale solution.

The collaboration will allow the two companies to leverage their respective geographic strengths, Shopmatic said in a statement. Shopmatic has a strong presence in India, Middle East, Singapore and Hong Kong while Octopus operates in China, Malaysia, Philippines, Sri Lanka, Taiwan and United States (United States).

The combined entity will acquire 500,000 customers, generate more than $ 2 billion in gross merchandise value (GMV) and achieve $ 10 million in revenue in 2019, the statement said.

“Our merger with Octopus will strengthen the synergy offline and online. Their strength and experience in the suite of point-of-sale solutions, which has benefited a variety of businesses spanning the retail, food and beverage, and e-commerce industries, will be of immense benefit. value for traders in the Asia-Pacific region, ”Anurag Avula, co-founder and managing director of Shopmatic, said.

The Shopmatic platform helps SMEs build their online stores where they can sell their products or services through multiple channels, while Octopus offers cloud-based retail management solutions to physical businesses.

Shopmatic was founded in 2014 by payment industry veterans Avula, Yen Lim and Kris Chen, all of whom worked at PayPal. As part of its solutions for SMEs, Shopmatic offers an integrated payment and shipping function. The platform also integrates data analytics and insights to help sellers reach their target audience.

The company had raised an angel investment of $ 1.5 million from undisclosed investors in India, the United States and Singapore and $ 5.7 million in its Series A funding round of ACP Pte. Ltd, a technology-driven venture capital firm, and Spring Seeds Capital Pte. Ltd, the investment subsidiary of SPRING Singapore, a unit of the Government of Singapore.

Singapore-headquartered Octopus, founded in 2002 by Ong Whee Shiong, helps retailers synchronize inventory, onboard customers through a mobile platform, offer loyalty points and support customer promotions. The solution provides real-time visibility into sales, staff performance and inventory.

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