Posts

Singapore-based social app Migme has raised $1.5 million from Chinese photo sharing company Meitu at an issue price of $0.47 Migme per share into the Australian Securities Exchange (ASX). Meitu then becomes a major shareholder following the investment reports Deal Street Asia.

Earlier this March, Meitu invested $5 million in the social media tech company gaining just about 5% ownership. After this investment, its stake increase to 5.71%. ASX’s recognizes a firm as a substantial shareholder in another if it has more than 5% voting rights in the company.

With over 32 million monthly active users across Indonesia, Philippines and India, the strategic partnership is set to allow Meitu, whose 900 million users are predominantly from China, to leverage off Migme’s Southeast Asian audience base.

Listed on the ASX in 2014, Migme delivers social entertainment services through mobile apps Migme and LoveByte, artist management website Alivenotdead, Indonesian social news website Hipwee and fashion store Shopedeca, and ecommerce site SoldThe company has also announced the launch of the Migshop store in June, in a move to increase user engagement and revenue of its ecommerce offering.

Migme has offices in Malaysia, Indonesia, Taiwan and Hong Kong. In a report released earlier this year, the company revealed it raised its revenue by 525% year-on-year to $8.7 million, cutting losses to $14.7 million. It’s user pool also grew by 220%.

A version of this appeared in Deal Street Asia on July 7. Read the full article here.

Singapore Migshop Launches

Source: e27

Singapore-based social entertainment platform migme has announced the launch of  its social ecommerce migshop store, according to this article on e27. Migshop will offer curated items from major Southeast Asian ecommerce platform Lazada and India-based online marketplace Snapdeal.

The store will only be accessible to users from Thailand and India for now, but plans to expand to Philippines and other markets in the region are in the works.

“The social key influencers framework plays a leading role in driving online shopping and purchasing behaviour and this has contributed to the rise of this business model in other Asian markets. Companies such as Mogujie and Meilishuo in China, which have a combined value of $3 billion, have had great success in this area. We are confident we can replicate this strategy in our key markets, where there are similar dynamics,” said migme CEO Steven Goh.

Along with the acquisition of Sold.sg (pay-to-bid business) in 2015 and Shopdeca (B2C ecommerce retailer) in April 2016, the launch of this new platform is expected to give migme’s social ecommerce presence a generous boost.

Social commerce in Southeast Asia

The emerging market of Southeast Asia both boast high numbers of social networking users, many of whom check their social network pages via mobile phones. PwC latest survey revealed that Thailand and Malaysia are on the top five countries where online shoppers purchased directly from social media channels. Additionally, the fact that more than 50% shoppers in Southeast Asian countries such as Malaysia, Singapore and Thailand are turning to social media to consult about their purchase is will only strengthen the influence of the platform in the future.

A version of this article appeared in e27 on June 22. Read the full article here.