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COMMERCE.ASIA

Delivering Happiness to Trading

SUMMARY VIDEO

COMPANY DETAILS

Summary

Commerce.Asia is an all in one e-commerce ecosystem that aims to provide one stop solutions for brands and businesses in South East Asia to grow their business online. Commerce.Asia develops these solutions by making strategic investments in Technology Enablers and integrates these Technology Enablers to offer an end-to-end one stop solution for brands and businesses looking to sell online. It manages all aspects of their online businesses; from developing their own online stores, to managing product sales across multiple e-marketplaces, including warehousing, payment, delivery, marketing and order management.

This holistic approach centralises all business operations for clients, incorporating best-of-breed technological innovations that range from core business operation management, automated dropship functionalities, and big data analytics, to on-demand fulfilment, one-stop delivery, and managed services.

Commerce.Asia believes in nurturing ‘win-win’ partnerships with clients while helping them generate sustainable revenue and increase profits consistently. The group upholds the philosophy of offering a unified ecosystem of opportunities that would create value and wealth for clients.

Due to the booming domestic and regional e-commerce market, the Commerce.Asia group is set to ride and capitalise on an upward trajectory trend whereby ‘the sky’s the limit’.

Commerce.Asia is one of the most comprehensive e-commerce ecosystems in South East Asia with a database of over 9 million SMEs across 7 countries and 71,000 active sellers that sold over RM3.4 Billion (2020) across the group’s various platforms.

The Commerce.Asia group was recognised by APAC CIO Outlook, based in Silicon Valley, the United States, as the ‘Best E-commerce Consulting/Services Company among the selected top 10 companies in the Asia-Pacific region in 2020’.

Problem

Commerce.Asia was started by former PIKOM Chairman and MOL Global Founder and Current Chairman of PIKOM Think-Tank ‘Future Digital’ Ganesh Kumar Bangah. Ganesh mentors entrepreneurs but realised that to truly help entrepreneurs, one had to have deep knowledge in the sector that they were mentoring in. In late 2016, Malaysia announced the launch of the Digital Free Trade Zone. This initiative pushed Ganesh to focus his energy on growing the omnichannel commerce sector. He registered the domain Commerce.Asia to do this.

With his engagement with PIKOM, Ganesh knew the problems faced by SMEs in growing online as SMEs today were confused on how to go online with the many technology enablers and marketplaces that they had to review, select and work with. He found out that during its early days, eBay had a profitable business called eBay Enterprise that had provided a one stop solution to merchants that wanted to sell on eBay. He decided to emulate this and create a one-stop solution by combining the technologies from the technology enablers that he had mentored and called this Commerce.Asia Enterprise.

Based on this, Ganesh conceptualised a Total Ecosystem Support Strategy for developing the omnichannel commerce industry in Malaysia.

Solution

Commerce.Asia is now one of the most comprehensive e-commerce Ecosystems in Southeast Asia which boasts a network of over 9,000,000 SMEs across 7 countries and 71,000 active sellers that sells over US$850 million worth of goods annually in 2020.

This network of e-commerce is made possible by a group of companies that provides complementary services within the entire e-commerce ecosystem.

Today, the core enablers or components of  the Commerce.Asia Group are as follows:

  • In March 2018, Commerce.Asia invested into the SiteGiant e-commerce platform, which provides easy-to-use tools for sellers to create their own store online and a diverse array of webstore templates to choose from. Subsequently, SiteGiant allows businesses to list products to local and international marketplaces with just a few clicks. Sellers are able to automate online sales, and integrate to local and international online marketplaces. SiteGiant also offers social commerce tools, enabling businesses to reach out via Facebook and Instagram for direct shopping experiences. Today, SiteGiant has 6,500 merchant webstores with 5.7 million products for sale and an annual GMV (2020) of US570 million.

  • Meanwhile, the BizApp Social Commerce platform is a comprehensive mobile and web platform that manages agent-based businesses for social commerce. BizApp is accessed by more than 400,000 agents selling more than 500,000 products, with 6.2 million orders processed annually.The module autonomously captures customer data while managing orders, payments, and agents across multiple levels of a business. In addition, logistics providers and warehouses can print consignment notes, arrange for the shipping of goods, and track the status of shipments directly from their mobile applications.

  • For shipping, there is the Shippop Delivery platform, which oversees logistics domestically and internationally. It provides a single integrated interface with various logistics and courier providers, allowing them to prepare the order, print airway bills, and make payments on a unified solution. It essentially brings together multiple delivery providers and numerous payment systems on a single pane of glass to streamline the logistics and supply chain processes for clients. Shippop Delivery currently works with 10 delivery partners and same-day delivery partners across Malaysia.

  • Another component is the LetMeStore fulfilment platform, which automates on-demand fulfilment operations by centralising real-time tracking and management of stocks within its warehouses, thereby optimising the costs associated with the space utilised with no minimum tenure. It has expanded its warehouse capabilities to cater for bigger storage requirements. Its third warehouse at Subang boasts 20,000 square feet.

  • Commerce.Asia Enterprise then combines all the technology components together with managed services that provides a single one-stop solution for brands and businesses to sell online, without requiring in-house client e-commerce expertise. “We also conduct performance marketing for clients, thereby helping them reach out to new potential customers anywhere across Facebook, Instagram, Google, and similar social media channels,” said Ganesh.

  • Meanwhile, Commerce.Asia Data owns the largest SME database in Southeast Asia with a total of over 9 million SMEs across the region. The company leverages this database to develop inslights and marketing leads to assist clients in accelerating business growth through data which contains accurate information including business addresses, GPS coordinates, industry tagging, classifications and key contact information.

Supporting enablers or services of the Commerce.Asia ecosystem include:

  • Famsy, one of Malaysia’s largest Print-on-Demand merchandising platform with over five thousand individual sellers. To date, Famsy has some 7,500 partners with 620,000 products printed resulting in some 125,000 orders fulfilled.

  • Nuffnang Live Commerce, a joint venture between Commerce.Asia and Netccentric Limited (which Ganesh is Executive Chairman of), is a live video commerce enabler for brands looking to expand their e-commerce business. This platform solution is API integrated with Facebook to provide a seamless user interface from live streaming, automated order management, online payment and fulfilment.

  • Kumoten, one of the largest dropshipping platform in Southeast Asia with over 100,000 products to choose from.

  • The Commerce.Asia Academy, which focuses on talent development for online and customer-centric businesses. The academy has a proven track record of training individuals and businesses, while its unique programmes provide businesses with a proven methodology to find product-market fit and achieve sales growth.

  • Salesminded, a cloud-based, comprehensive Core Business Operations Suite, enabling business owners to handle their core operations efficiently and connecting them to customers. With its lead management and sales closure features, Salesminded is known for enabling businesses to convert leads to active sales immediately. It also has a one-stop, company wide quotations and proposals management system, payments and collections management, and an in-built accounting toold to allow businesses to only concentrate on core business operations.

Product

Commerce.Asia is poised to become the region’s leading end to end platform that is capable of assisting SMEs, Brands & Micro-entrepreneurs to sell online, with better performance.

In order to fulfil that mission, the key aspect of Commerce.Asia’s strategy is to provide a diversified range of e-commerce solutions for the market through strategic investments and support to companies that are known as “Technology Enablers”.

The companies that are part of Commerce.asia are mapped out into 2 categories which are known as Core Enablers and Supporting Enablers (as indicated earlier). Each of these companies represent unique and different service points for the e-commerce industry.

The integration of these companies into an unified platform has largely benefited its individual business performance, as well as delivering value under the Commerce.Asia brand.

Traction

All Commerce.asia’s Enablers work synergistically to bring about greater value for the e-commerce industry. Since inception, the group has witnessed an encouraging growth trend across all its enablers. This growth is attributed to the fact that brands and SMEs are increasingly adopting e-commerce as its primary retail strategy.

The Commerce.Asia group recorded Group Gross Merchandise Volumes (GMV) of RM3.5 billion (USD 850 million) in 2020, and gross profit is set to almost double for 2021 due to the industry’s continued strong growth.

GMV in the first half of 2021 alone was RM2.96 billion which was almost equivalent to the whole of 2020.

Management is confident that GMV this year will almost double compared to last year. This is not surprising as online shopping is now a substantial part of the ‘new norm’ with more Malaysians shifting their spending habits towards online platforms, with this trend accelerating due to restrictions imposed as a result of the Covid-19 pandemic.

The Commerce.Asia Group generated Revenue of RM17.4 million and an EBITDA Profit of RM5.9 million for the first 9 months of 2021. Commerce.Asia expects its revenue share of volume to increase as it rolls out value added services such as payment services and logistics services to its ecosystem.

Customers

Commerce.Asia operates on a B2B2C model (Business to Business to Consumer) model. Each of the Enablers service a wide range of brands and SMEs which then sell products to a large pool of consumers.

The Group will continue to expand its platform to serve thousands of upcoming SMEs and brands throughout the Southeast Asian region.

Business Model

All of Commerce.Asia’s enablers provide monetized services to e-commerce merchants which consists of regional SMEs and brands. There are different revenue models that are adopted by each different enablers, which include, primarily :

  • Percentage (%) of volume generated for Commmerce.Asia Enterprise

  • Data Sales for Commerce.Asia Data

  • Subscriptions for Sitegiant and Bizapp

  • Sales of Products for Kumoten & Famsy

  • Training Fees for Commerce.Asia Academy

Market

E-commerce is one of the fastest growing industry within Digital Economy in Southeast Asia, fueled by domestic demand and innovation.

Commerce.Asia intends to expand into more verticals as well as leverage on its existing growth as part of its long-term plan to be a dominant platform in this region.

The expansion of its core enablers will be crucial for the continued growth of the entire group.

A study conducted by Google and Temasek revealed that Malaysia’s e-commerce industry amounted to USD3 billion in 2019, USD6 billion in 2020 before leaping to USD13 billion in 2025.

At the regional level, the Southeast Asia e-commerce was valued at USD38 billion in 2019, USD62 billion in 2020 and set to soar to USD172 billion in 2025.

Competition

Amidst the vast and competitive landscape of e-commerce service providers,  Commerce.Asia is proud to be differentiated by being one of the only players to provide a complete ‘end-to-end’ e-commerce ecosystem in Southeast Asia.

Funding

Commerce.Asia is pleased to conduct its second Equity Crowdfunding (ECF) round with pitchIN, after a successful round in 2018 which raised RM5 million and which was then recognized as the Largest Equity Crowdfunding round in Malaysia by the Malaysian Book of Records.

Commerce.Asia subsequently raised RM10 million through an internal fund raise of which was largely subscribed by Founder and the current investors of the group. 

The total cash equity invested in the group to date is RM18 million, including the initial RM3 million seed capital invested by the Founder.

For this latest ECF round, Commerce.Asia is expecting to raise up to RM 10,000,000 in return for an issuance of 8.0% of its Irredeemable Convertible Preference Shares (ICPS).

Vision

Commerce.Asia wants to empower SMEs with Technology Platforms, Win-Win Partnerships and Innovative Business Models that will enable them to generate new Revenue and Profit from the growth of eCommerce.

We envision that we can be the leading Unified Ecosystem of Opportunities that will generate Value and Wealth for All.

Founders

Commerce.Asia is founded by Ganesh Kumar Bangah, an astute investor and entrepreneur in the technology industry, backed with a long string of achievements which includes:

  • Founded one of Southeast Asia’s leading online payment gateways, MOL Global Inc and led the company as Group Chief Executive Officer (2000 - 2015) to become the first internet company in SEA to be listed on the NASDAQ.

  • Youngest Chief Executive Officer of a Malaysian public listed company certified by the Malaysia Book of Records.

  • Awarded Ernst & Young Technology Entrepreneur of the Year Malaysia 2012; Recognised as One of South East Asia’s Top 30 Tech Founders by Tech In Asia in 2016; One of South East Asia’s Top 30 Tech Founders by Tech In Asia in 2016 and One of Asia’s most influential people according to Society Magazine 2015.

  • Former Chairman of the National Tech Association of Malaysia - PIKOM (2017 - 2019) and former Board Member of MaGIC.

  • Current Chairman of PIKOM Think-Tank ‘Future Digital’.

Management Team

SAM SHIN GERN

COO, Commerce.Asia Ventures 

  • Vice President of Product and Marketing for Seedlink, an Artificial Intelligence start up based in China (2016 - 2019)

  • Led Seedlink’s expansion from being a China only operations to over 20 countries while increasing revenue by more than 5x

  • Marketing Analytics Lead in Silicon Valley based Upwork (2015 - 2016)

  • Business Intelligence Analyst- Product Analytics of About.com (2013 - 2015)

IVY LEE

CFO, Commerce.Asia Ventures

  • Senior Group Finance Manager in Chemopharm Sdn Bhd. (2016 - 2018)

  • Senior Vice President of MOL AccessPortal Sdn Bhd (2007 -2012 ; 2014 - 2016)

  • Expertise in controller, treasury, accounting, tax, and internal audit functions to pursue company’s growth strategy

TEE PAN YONG

CTO, Commerce.Asia Ventures

  • Chief Technology Officer of MOL (2002 – 2019)

  • Significant 18 years leadership experience in the payments technology sector, e-wallet platform, gaming industry, EDC terminal pin distribution platform and technology risk & compliance

  • Was with MTDC Technology Media Sdn Bhd for more than 5 years prior to MOL

Press

Commerce.Asia recognised by Silicon Valley's APAC CIO outlook (nst.com.my)

Public-private partnerships critical to realising e-government aspirations (msn.com)

Tech Entrepreneur Ganesh Kumar Bangah On Staying Ahead Of The Curve | Tatler Asia

E-commerce merchants must invest in marketing for next growth level (nst.com.my)

Former PIKOM chairman to expand eCommerce ecosystem with Netccentric purchase (nst.com.my)

Tech: Live commerce JV aims to influence e-commerce | The Edge Markets

Commerce.Asia: Creating a one-stop shop for all merchant e-commerce needs | Digital News Asia

Ganesh Bangah: The constant search for the ‘next big thing in tech’ | BusinessToday

BFM: The Business Station - Podcast Tech Talk: The Bill Gates Of Malaysia?

RESHAPE 2021: Live commerce the ‘secret sauce’ for brands to succeed online (malaysiakini.com)

The Progressive Evolution Of E-Commerce Into Entertain-Merce (apacciooutlook.com)

Notepad with Ibrahim Sani | Astro Awani

LetMeStore: Malaysian E-Commerce Fulfilment Startup (vulcanpost.com)

Digerati50: BizApp - Malaysia’s hidden gem | Digital News Asia

Famsy riding on booming consumer apparel personalisation trend (malaysiakini.com)

Disclosures

Date of incorporation - 2 June 2016 

Registration number - 201601019162/ 1190099-H

Date of commencement of business - 2 June 2016

The company is not aware of any government business license required to operate the businesses of the company.

Disclaimers
  • No shares will be allotted or issued based on this document after six months from the closing of the offer period.
  • This issue, offer or invitation for the offering is a proposal not requiring authorisation of the Securities Commission under section 212(8) of the CMSA 2007.
  • This document has not been reviewed by the Securities Commission Malaysia. The Securities Commission does not recommend nor assumes responsibility for any information including any statement, opinion or report disclosed in relation to this fund raising exercise and makes no representation as to its accuracy or completeness. The Securities Commission expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the information disclosed.

Please login as an investor to see more information.

30
AUG

Commerce DotAsia Ventures Sdn. Bhd. 2022 Half Year (H1 2022) Report

about 1 month ago by Ganesh Kumar Bangah
draft

Dear Investors,

Commerce DotAsia Ventures Sdn. Bhd. (“Commerce.Asia”) is pleased to update our investors on our progress for Half Year 2022 (January 2022 to June 2022).

Despite the challenging market environment, we are pleased to announce that Commerce.Asia’s Group Revenue grew to RM9.08 million in the First Half of 2022. The Group also achieved a positive EBITDA of RM1.05 million and a Net Profit Before Tax And Minority Interests of RM0.45 million in the first half of 2022.

 

A copy of the H1 2022 Report can be downloaded through the link below:

https://drive.google.com/file/d/17y5_-lch8cr0G_zEDzyA79W_tCRsf-wJ/view?usp=sharing

 

In addition, we have also prepared our Unaudited Financial Results for H1 2022 which is available in Appendix A  and can be downloaded in the link below:

https://drive.google.com/file/d/1O69F1LYCCoa3tcyRNoXw4UkUslAr2Sui/view?usp=sharing

 

Should you have any questions or if you require any form of assistance, please do not hesitate to contact the following:

Foo Kiat : [email protected] or +6012-227 1688

Thank you.

26
APR

Commerce DotAsia Ventures Sdn. Bhd. Audited Accounts 2021

5 months ago by Ganesh Kumar Bangah
draft

Dear Investors,

Commerce DotAsia Ventures Sdn. Bhd. (“Commerce.Asia”) is pleased to present to our investors on Directors’ Report and Audited Financial Statements for the financial year ended 31 December 2021.

A copy of the 2021 Directors’ Report and Audited Financial Statements can be downloaded through the link below:

https://drive.google.com/file/d/1N44AJlrXjzG1OW2K_4gvBKWVparHeQWa/view?usp=sharing

  

Should you have any questions or if you require any form of assistance, please do not hesitate to contact the following:

Foo Kiat : [email protected] or +6012-227 1688

Thank you.

28
FEB

Campaign Closure

7 months ago by Ganesh Kumar Bangah
draft

Congratulations to Commerce.Asia for raising RM20 million in their fundraising round! They raised RM17 Million through this ECF round and RM3 Million in private placements.

pitchIN is proud to announce that Commerce.Asia is the first company to reach Malaysia’s RM20 Million lifetime ECF limit (including their RM3 million ECF in 2018), they have become the new record holder of Malaysia largest ECF campaign.

Congratulations to the team at Commerce Asia and their investors for this record.

Commerce Asia will officially start their cooling off period for their campaign today.

15
FEB

CAMPAIGN EXTENSION + INCREASE IN FUNDING

8 months ago by Ganesh Kumar Bangah
draft

Commerce.Asia ECF’s campaign is garnering strong interest from investors. Over 60 investors have already committed a total of RM7,045,000 into the campaign. More pledges have also come in recent days and the campaign is expected to cross its funding target soon.

In light of this, Commerce.Asia is pleased to announce that:

(a) they will be increasing their total fundraising target to RM20 million, which will consist of RM17 million to be raised via ECF and up to RM3 million via private placements. Commerce Asia is therefore poised to become the first company in Malaysia to raise a total of RM20 million via ECF if their maximum target in this campaign is achieved, being the current maximum amount permitted (Commerce.Asia previously raised RM3 million in their first ECF campaign in 2018 when it was recognized as “Largest Equity Crowdfunding Round” by The Malaysia Book of Records); and

(b) This Commerce.Asia ECF campaign is now extended to the 28th of February to enable all those interested to make their investments.

To avoid missing out on pitchIN’s and Malaysia’s largest campaign to date, investors who are keen are advised to make their pledges and investments immediately. Please head over to their campaign page for more information as well as to download their most recent offer deck with the updated numbers and updated term sheet. https://bit.ly/commerceasia



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Investments are speculative and carry high risks. To decrease exposure, these types of investments should only be made as part of a diversified portfolio. Spread your risks and only invest money that you can afford to lose. pitchIN wants all investors to understand these risks and make careful investment decisions. You are also encouraged to seek independent advice.