KUALA LUMPUR – iStore iSend, a Malaysian end-to-end e-fulfilment solutions provider, has raised US$5.5 million (RM22.2 million) in a round co-led by regional venture capital firm Gobi Partners and Penang-based logistics company EasyParcel.
In a joint statement today, the three companies said iStore iSend will use the funds to scale existing markets and expand to new countries.
It currently has operations in China, Indonesia, Malaysia and Singapore, and hopes to expand to the fast-developing and underserved markets of the Philippines, Thailand and Vietnam.
“Another amount will be spent on the further acquisition of online-to-offline clients in existing markets,” said the statement.
Incorporated in 2015, iStore iSend provides end-to-end services to clients, from storage and pick-and-pack to delivery arrangements.
The company also offers value-added services, such as real-time inventory management and shipment tracking.
Co-founder Tommy Yong said the investment comes at a great time, when going online is a requirement for most businesses to survive.
“iStore iSend will be able to offer e-commerce supply chain digitisation to help even more businesses transition into e-commerce.” – Bernama, January 26, 2021
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