Correction: The previous version of this article incorrectly stated the funding round as has been finalised.
Today Bloomberg reported that women-focussed e-commerce platform Orami announced that it is raising 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 build funds for future acquisitions of unnamed companies.
“We want to scale our business faster through opportunistic M&As,” Fichet reportedly said.
“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 the break-even point, generate sufficient scale for its businesses and roll out new services.
The funding round came only months after the company’s rebranding — the result of a merger between Moxy and Bilna. The company 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 the recent announcement of Alibaba’s investment for a controlling stake in Rocket Internet’s Lazada, at the cost of US$1 billion deal.
More on this story as it develops.
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