KUALA LUMPUR: Leading independent online grocery service MyGroser (www.mygroser.com) plans to raise its first public funding round in support of its aim to be profitable within 12 months with expansion to other cities in Malaysia.
CEO Stephen P Francis said this round, which is being run as a rolling close, is targeted at supporting the incoming customer demand that has already been secured through strategic partnerships for the next 24 months.
“The service is led by a diverse set of management and founders who have helped the world’s biggest brands in e-commerce, entertainment, logistics, e-hailing and finance build their presence, market and profitability in Malaysia and across the region,” he said in a statement today.
“MyGroser’s three-year plan includes regional coverage as the service reimagines the modern grocery business in an on-demand, premium and affordable manner,” said Francis.
This will allow it to better address an existing consumer demand worth over US$300 bil (RM1.298 tril) annually for online groceries in the region on the back of continued growth and demand for online services, he said.
MyGroser offers fresh food, fresh produce, baked goods, essential items and grocery delivery services in Malaysia’s US$20 bil grocery and supermarket space.
It has stayed available throughout the country’s Movement Control Order period, delivering daily grocery orders to thousands of consumers while under a national movement restriction.
“We have seen the demand for grocery delivery locally grow by over 1,000% during the first part of this year, and have seen our revenues and number of deliveries made daily grow 10-fold during just the past two months.
“On the back of this, we are accelerating our expansion plans to better meet the demand for convenient, fresh and affordable produce, everyday essentials and groceries that we are seeing from our consumer and business customers,” said Francis.
MyGroser is Malaysia’s only independent, full service technology-powered online grocery of its kind that offers consumers and businesses delivery services and access to a growing range of 12,000 items in fresh produce (meats, seafood, vegetables), fruit and dairy, frozen food, dry food, groceries, premium products and daily essentials catalogues. – May 14, 2020, Bernama