Malaysian m-commerce platform Jocom has listed part of its shares in Singapore’s 1Exchange (1X) listing, raising US$4.1 million in aggregate proceeds.
Facilitated by the CapBridge platform, the online listing process saw about 26.7 per cent of Jocom shares outstanding listed. According to the company, the funds will be used to invest in AI-powered technology and expand its presence in other markets.
“In the past year, the demand for our integrated m-commerce solution has grown exponentially across both consumers as well as merchants and vendors,” said Joshua Sew, CEO of Jocom.
“With this listing on Singapore’s 1Exchange, we look forward to going further to serve our shareholders, customers, and partners with even more innovative mobile commerce solutions.”
Specialising in online grocery shopping via mobile smartphones, Jocom connects more than 3 million users, 500 vendors providing about 15,000 products across Malaysia.
The company generated about US$40 million in revenue between 2015 and 2020, and last year Jocom’s sales experienced 30 per cent growth year on year due to the online shopping movement during the Covid-19 pandemic.
“Jocom has contributed greatly to the digital transformation of many traditional businesses in Malaysia, through its accessible mobile commerce solutions,” said Choo Haiping, CEO of 1X.
“Jocom can count on the 1X platform as it continues on its growth journey.”