Indonesia based e-commerce website, VIP Plaza has received an undisclosed amount of investment from CyberAgent Ventures, venture capital arm of CyberAgent. Financial details of the transaction have not been divulged.
The investment has been done by CyberAgent Ventures from CA Asia Internet Fund I, L.P. – a fund specialising in Southeast Asia.
VIP Plaza offers high-quality branded fashion products at significant discounts to consumers through daily flash sales. The portal was established in September 2013 by Co-founders Tesong Kim and Yoga Sades. Prior to this, Kim was a part of Rakuten Indonesia.
Established in 2006, CyberAgent Ventures primarily focuses on investment in early stage startups.
An official statement said, Indonesia’s apparel market and the internet market are rapidly growing. Judging from its recent market trend and performance of our existing portfolio company, there are clear signs indicating the rapid growth of the e-commerce market in Indonesia. Furthermore, due to its steady economic growth, increase of its personal income, as well as its growing population, we believe there is high demand of online shopping for high-quality branded fashion products.
Last year, CyberAgent invested in Thailand-based startup Priceza, a price comparison website.
Featured and Lead Image Courtesy: VIP Plaza