Business
Society Pass (SoPa) Completes Acquisition of Pushkart.ph Expanding Southeast Asia Footprint
Society Pass (SoPa) endeavors to revolutionize the online grocery shopping market in the Philippines through this strategic acquisition E-commerce industry
About this update from Society Pass Incorporated
[{"type":"text","content":" Society Pass (SoPa) endeavors to revolutionize the online grocery shopping market in the Philippines through this strategic acquisition E-commerce industry in the Philippines is witnessing exponential growth and is expected to be at US$7.67 billion by 2025 SoPa is now poised to bring amplified value to consumers by allowing them to experience hassle-free shopping anytime, anywhere they want through Pushkart.ph The company aims to empower more existing and new merchants in the Philippines to reach the online market by allowing them to transform their shops digitally Singapore, Feb. 14, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), a leading Southeast Asian data-driven loyalty platform, today announced that it has acquired Pushkart.ph, a leading online grocery delivery service in Philippines. As a result of the acquisition, Pushkart.ph becomes a wholly owned subsidiary of SoPa. The move kicks-off SoPa’s expansion into the Philippines market. Leveraging on SoPa’s capital, Pushkart.ph will focus on dramatically increasing on-demand grocery shopping services to more consumers and more retailers initially to Metro Manila and then to all of Philippines, while empowering grocery stores and restaurants to transform business models and further tap into online markets. The announcement comes at a time of accelerated rapid growth for delivery services in Philippines, with the internet economy expected to increase 24% from US$17 billion in 2021 to US$40 billion in 2025. Pushkart.ph is one of Philippines’ fastest growing e-commerce platforms, with a customer base of over 125,000 registered users, over 35,000 social media followers, and more than 20,000 mobile app downloads. Commenting on this strategic step, Dennis Nguyen, Society Pass Founder, Chairman and Chief Executive Officer, said, “We are excited to combine the robust technology, retail and operational prowess of a high-performance brand like Pushkart.ph with our brand building experience. As the Phillipine consumer faces tremendous challenges with traditional brick and mortar shopping due to a plethora of hurdles including excessive wait times in traffic/ public transport, SoPa aims to provide viable solutions by providing impetus to the growing e-commerce industry in the country. Given the immense potential of the Ph...