Shopmatic set to turn cash positive in 2021

Singapore based e-commerce enabler Shopmatic has registered revenues of over S$7 million in 9 months- April-December 2020, exceeding its targets by 40%. Shopmatic turned EBITDA positive – a year earlier than originally projected.

In April 2020, when the initial faltering of the economy was felt due to the pandemic, Shopmatic focused its efforts on providing managed solutions through one of its locally acquired companies- CombineSell Pte Ltd. This move was to help move Singapore’s SMEs offline to online by providing them an opportunity to outsource their digital team.

In May 2020, Shopmatic introduced a special solution for grocery/ ‘kirana’ stores to go online – and found adoption from businesses across India and Singapore.

The company witnessed 80 percent growth over the July-September quarter in transactions and GMV compared to the previous quarter.

In December 2020, Shopmatic launched a whole new range of e-commerce solutions allowing individual entrepreneurs and SMEs to choose from four different ways to e-commerce via Shopmatic Chat, Shopmatic Social, Shopmatic Webstore, and Shopmatic Marketplaces.

During the last 9 months, Shopmatic has enabled over 5000 Singaporean businesses to digitize. The company is now planning to expand to other countries in Southeast Asia this year and is in advanced discussions with several investors, for a Series B fundraise.

Anurag Avula, CoFounder & CEO, Shopmatic, said in a statement, “We are very happy that we were able to close 2020 on a hugely positive note and are now able to step into 2021 with even more aggressive plans to digitize local businesses and entrepreneurs in Singapore, India, Malaysia & Hong Kong. We continue to make significant investments behind key resources to be able to drive our organisation to the next level and expand footprint into new markets in South East Asia. At Shopmatic, our focus is to build a sustainable & profitable business and we are delighted that we’ve been able to reach this significant milestone a year ahead of plan.”

Shopmatic set to turn cash positive in 2021 Shopmatic set to turn cash positive in 2021 Reviewed by TechCO on 1/12/2021 Rating: 5

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