Business
Webuy Global Limited Reports 62% Increase in Revenue to $24.4 Million for the First Half of 2023
Achieves over 1000% increase in travel services and more than 200% increase in sales of groceries in Indonesia Completes recent IPO for gross proceeds of
About this update from Webuy Global Ltd.
[{"type":"text","content":"Achieves over 1000% increase in travel services and more than 200% increase in sales of groceries in Indonesia Completes recent IPO for gross proceeds of $15.2 million, expected to fund accelerated growth across Southeast Asia Singapore, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Webuy Global Ltd (Nasdaq: WBUY) (“Webuy” or the “Company”), a Southeast Asian community e-commerce retailer, today provided a business update and announced interim financial results for the six months ended June 30, 2023 (\"1H 2023\"). Vincent Xue Bin, Chief Executive Officer and Co-Founder of Webuy Global stated, “I am pleased to report we achieved a. 62.4% increase in revenue, totaling $24.4 million for the first half of 2023, compared to the same period last year. The revenue growth was primarily driven by a 208% increase in sales of groceries in Indonesia through our platform, reaching $13.7 million for the first half of 2023. This achievement follows our re-entry into the market after the cross-border opening in 2022, post-COVID-19. Furthermore, our expanding presence in Indonesia has also resulted in a significant influx of offline bulk purchase orders, underscoring the growing demand for our offerings in the region.” “Our strategy of introducing new travel services has proven highly effective, evidenced by a 1026% surge in revenue. In the first half of 2022, we generated approximately $0.5 million from our existing services in Singapore. Building on this achievement, in the first half of 2023, our foray into new travel services propelled revenues to approximately $5.4 million, highlighting the extraordinary growth driven by the success of our strategy. It is also important to note we achieved these results in the first half of the year, which historically has been a slower travel season.” “We recently completed an initial public offering for aggregate gross proceeds of approximately $15.2 million, with a concurrent listing to the NASDAQ. We believe our listing on a major U.S. exchange provides us increased visibility and the opportunity to attract a broad investor base. We are focused on achieving global reach for our social e-commerce community platform, which currently operates in just Singapore and Indonesia. This financing empowers us to not just grow our e-commerce community platform in Singapore and Indonesia but also strengthen our IT capabilities ...