Malaysian digital grocer Mygroser is raising its first public funding round as it enhances its delivery capacities in the midst of the continuing coronavirus pandemic.
The business is targeting profitability within 12 months followed by expansion within the territory. Funding is expected to be used to meet incoming customer demand as the brand extends its grocery delivery services in Malaysia’s US$20 billion grocery and supermarket space. The firm has continuously operated throughout the country’s Movement Control Order (MCO) period.
“We have seen the demand for grocery delivery locally grow by over 1000 per cent 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 two months,” said Mygroser CEO Stephen P Francis.
“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.”
Working through the MCO, the online-only grocery service has deployed various technology enhancements – as well as daily delivery slot increases – across its cloud-store powered premium grocery service model. Investments in machine learning-based supply chain management, new product offerings, an enhanced grocery list and new membership offerings are currently in planning stages as the firm targets regional coverage within three years.
