GrowSari, a Manila-based platform for digitizing small businesses in the Philippines, today announced that it has added $77.5 million to its Series C. With the previous funding, including $45 million announced in January, that brings the round’s total to around $110 million. Investors included the International Finance Corporation, KKR, Wavemaker Partners and Temasek Group’s Pavilion Capital.
The new capital will be used for expansion into new store formats, building a logistics and fulfillment network, and hiring for GrowSari’s operations, technology and data science teams.
Co-founder and CEO Reymund Rollan told TechCrunch that GrowSari rose again because it wanted to expand its fintech offerings for store owners and build its vendor marketplace, including commodities. It also plans to serve more types of MSMEs, such as carinderias (small restaurants), small over-the-counter pharmacies and other roadside and market shops.
Founded in 2016, GrowSari’s tools for small businesses now include inventory management, pricing tools, logistics network and working capital loans. It also allows retailers to offer phone 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.
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 businesses operate,” said . “Companies that ignore digital technology immediately put themselves at a disadvantage. Our investment will enable Growsari to expand digital adoption and financial services for MSMEs, which is critical to keeping them competitive and for a resilient and inclusive recovery.