MyGroser opens investment round for expansion across Southeast Asia

Independent online grocery service, MyGroser has enhanced its delivery capabilities to further support consumers and businesses in Malaysia as the country grapples with its pandemic response.

“We have seen the demand for grocery delivery locally grow by over 1000% during the first part of this year, and have seen our own revenues and number of deliveries made daily grow ten times during just the past 2 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 Stephen P Francis, CEO, MyGroser.

To support this growth, MyGroser is raising its first public funding round in support of its aim to be profitable within 12 months with expansion to other cities in Malaysia soon after.

This round, which is being run as a rolling close, is being targeted towards supporting the incoming customer demand that has already been secured through strategic partnerships for the next 24 months.

MyGroser, which launched in September 2019, has seen exponential growth on the back of consumer demand for a grocery brand that focuses on convenience, freshness and value. Working through the MCO, the platform has been able to deploy technology enhancements, as well as daily delivery slot increases through the effective use of a flexible, owned technology and cloud store powered premium grocery service model.

In addition to being available for service and increasing delivery slots for daily deliveries, MyGroser has been gearing itself for growth across key cities in the country. This has been done through the strategic use of the service’s owned fleet of delivery vehicles and partners; full time trained picking, packing and delivery teams; cloud stores that keep a fast moving inventory selection on hand; and MyGroser’s owned technology stack that has allowed it to weather and adapt to the current rapid growth it is experiencing.

These plans are part of MyGroser’s three year plans to reach regional coverage as the service re-imagines the modern grocery business in an on-demand, premium and affordable manner.

“This will allow it to better address an existing consumer demand worth over USD300 billion annually for online groceries in the region on the back of continued growth and demand for online services,” Stephen said.

According to the platform, MyGroser owns its entire supply chain – cloud stores with supermarket sized operations.  Buying directly from thousands of brands, suppliers, manufacturers and producers locally and regionally, the service already lists a variety of over 12,000 products at competitive pricing targeted for everyday value.

 

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