South Korean internet service company Naver has invested in Malaysian retail aggregator iPrice.
The firm intends to invest an undisclosed amount to fund iPrice’s expansion into the Indonesian market and to improve its platform towards a better user experience. It currently operates in seven Asian countries, serving to compare prices between similar products on different e-commerce platforms. It aims to become the primary gateway to online shopping in Southeast Asia.
The firm recently acquired capital investments from Line Ventures, a Japanese subsidiary also owned by Naver.
iPrice Group co-founder and CEO David Chmelar said: “Naver not only operates the leading search engine in Korea but has also been able to build an impressive shopping and price comparison engine in the country. Given the wealth of experience and strategic value that Naver brings to the table, we couldn’t pass the opportunity to welcome them as our latest investor.”
Peter Na of Naver added: “The tremendous traction which iPrice has continued to display throughout its latest fundraising is a testament to the impressive execution of the team and the explosive growth of Southeast Asia’s e-commerce market.”