Philippines-based Great Deals E-commerce Corp. has raised $12 million (roughly P600 million) from Navegar, the largest private equity firm in the country.
The agreement was inked on January 23, 2020 and was attended by Great Deals E-commerce Corp. Founder & CEO Steve Sy and Navegar’s Managing Partner Javier Infante, along with their respective teams and advisors.
Great Deals plans to use the funds on capital investments, which will enhance its IT, infrastructure, warehouse capabilities, and technology solutions as it aggressively expands its presence in the country. The company aims to be the Philippine Alibaba and Baozun, China’s leading e-commerce enabler.
“We are ecstatic to continue building and implementing successful online retail, distribution and marketing strategies for our 250+ brand clients in partnership with Navegar,” said Great Deal’s Sy. “To dominate the market here in the Philippines, we will work closely with Navegar, whose vast experience in building high-growth companies will ensure the continued expansion of our business.”
Sy founded Great Deals in 2014 when — after years as an entrepreneur in the retail and e-commerce sectors — he saw a glaring need to enable entrepreneurs like himself to succeed in the digital economy. Great Deals offers end-to-end e-commerce services, and handles digital content, web design, analytics, chat support, warehousing, and fulfilment. It made headlines in 2018 when it dispatched a record-breaking 114,165 orders in one day. It has since surpassed its own record by facilitating 233,038 orders in a single day last year. Their clientele includes multi-national companies Reckitt Benckiser, Nestle, Samsonite, Reebok, Crocs, L’Oreal, Abbott, and Unilever.
Great Deal’s new investor Navegar is a private equity fund that invests exclusively in Philippine companies, collaborating with founders and management teams to create long-term shareholder value. Founded in 2012 by its Managing Partners Nori Poblador and Javier Infante, Navegar manages two pools of money with nearly $300 million in assets under management.
“We are big believers in Steve Sy,” Infante said. “His management style, charisma, marketing savvy and integrity form the bedrock of this company. We also like the fact that e-commerce has tremendous potential in this country. The Philippines has very low e-commerce penetration, at less than 2% of gross domestic product, compared to China’s nearly 40% and 25% in the U.S (according to Forbes). There is no way to go but up for smart Philippines e-commerce. It is just the beginning. The best way for an investor to participate in this upswing is to partner with a successful business that has already established strong relationships with top brands in the market.”
“E-commerce is a sunrise industry in the Philippines, and there are so many looming on the horizon,” Sy said. “Our mission, in Great Deals, is to uplift Filipino lives through the digital economy, harnessing local technology, human resources and boundless creativity to bring the best we can offer to the Philippines.”