Tenderin Sdn Bhd, the developer of Lapasar, an emerging B2B procurement platform has secured a new round of capital investment totaling USD500,000 (RM2,078,250) to accelerate its growth.
The latest investment round was led by SeedPlus, a Singapore-based venture capital firm which invested alongside angel investors from NEXEA, a Kuala Lumpur-based Angel-VC investment firm. The latest funding will be used to support product development to further automate ordering and Request for Quotation (RFQ) processes as well as to support business development activities.
Lapasar is a marketplace that connects corporations to suppliers of products and services across Malaysia. It is on a mission to make corporate procurement simple, efficient and transparent.
Thinesh Kumar, CEO and Founder of Lapasar says, “In the past twelve months, Lapasar has been experiencing an impressive transaction growth of over 20 times. Currently, our platform has already a database of over 10,000 suppliers of products and services from all over Malaysia. These responses give us confidence to accelerate our growth further. We are certainly grateful to have esteemed investors including SeedPlus who back us up in this journey.”
Tiang Lim Foo, Partner at SeedPlus says, “As companies become more proactive in optimising and managing their supply chains, we expect the sector to grow strongly in the next 5-10 years across Malaysia and the wider Southeast Asia region.
One of the core tenets that enables growth is greater efficiency and transparency for B2B and enterprise workflows. We think that Thinesh and his team at Lapasar have created a unique platform positioned to leverage growth tailwinds.
Most importantly, we have been blown away by their learning agility and laser focus on customers, which were evident during our interactions with the team while they were part of Project Alpha, our pre-seed startup catalyst program organised in conjunction with Amazon Web Services.”
“Corporations used to spend days before they could place an order for a product but with Lapasar, that task can now be accomplished within a few minutes– making efficiency an essential part of their corporate culture,” Thinesh explains
“In Malaysia, to accelerate eCommerce growth, government interventions such as accelerating seller onboarding and adoption of eProcurement have been key focus areas. We hope to work closer with government initiatives to support this with Lapasar,” Thinesh concludes.
Lapasar’s corporate clients include Malaysia Airports Holding Berhad (MAHB), Telekom Malaysia, and Tenaga Nasional Berhad.
According to Frost and Sullivan’s report US B2B eCommerce Platform Market, Forecast to 2023 on 26 September 2017, “Global business-to-business (B2B) eCommerce sales are predicted to reach over USD6.6 trillion by 2020, surpassing business-to-consumer (B2C) valued at USD3.2 trillion by 2020.