Both the amount and the identity of the investors were not revealed yet
Today Bloomberg reported that women-focussed e-commerce platform Orami just announced a new funding round from an undisclosed source.
The amount of funding was not specified, but Orami Group CEO Jeremy Fichet stated that it is “equivalent to 30 per cent of the startup’s capital.”
The goal of the funding was to fund for acquisition of unnamed companies.
“We want to scale our business faster through opportunistic M&As,” Fichet reportedly saying.
“We like M&As because you can tackle two challenges — getting talent and customers,” he added.
It is reported that Orami will require about US$50 million to reach break even, generate sufficient scale for its businesses and roll out new services.
The funding round came only months away from the company’s rebranding — as a result of a merger between Moxy and Bilna — when it also raised US$15 million of funds from Facebook Co-Founder Eduardo Saverin, Ardent Capital, and Velos Partners.
The e-commerce battleground in Southeast Asia just got more competitive with Alibaba’s recent announcement of buying controlling stake in Rocket Internet’s Lazada, at the cost of over US$1 billion deal.
More on this story as it develops.
Image Credit: Gratisography
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