PH E-commerce Grocery Startup Raises $10.7M in Funding

Philippine-based e-commerce grocery startup SariSuki successfully raises USD10.7 million or around PHP556 million from foreign investors for business expansion.

SariSuki acquired funding from Openspace, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners.

Former Grab Philippines president, Zalora co-founder, and current SariSuki chief executive officer Brian Cu said in a statement Thursday that the newly raised funding will aim to expand Philippine SariSuki operations, emphasizing coverage and product portfolio.

Cu added that the expansion through the acquired funds will help in empowering micro-entrepreneurs.

“SariSuki offers Filipinos value grocery products at extremely affordable prices that meet their daily needs. We are also empowering community leaders to be strong micro-entrepreneurs that will help propel the country’s economic growth from the grassroots level,” he said.

Gross merchandise value of SariSuki, which was founded just on May 2021, has already grown 36 times since.

The startup is now servicing over 60,000 consumers in Metro Manila, along with the nearby provinces of Bulacan, Cavite, Laguna, Rizal, and Pampanga.

SariSuki is based on a collective buying busines model wherein sellers, called Community Leaders or “KaSari,” sell the products in which SariSuki serves as the consolidator of products.

The startup is also procuring fresh produce from local farmers. (GFB)