Navegar backs Philippines e-commerce enabler

Great Deals provides corporate clients with end-to-end e-commerce services, including product handling, digital content support, web design, analytics, chat support, warehousing, marketing, and fulfillment. The company said it hoped to establish itself as a Philippines version of China’s Alibaba Group and Baozun, which offer similar services.

Great Deals was founded in 2014 by Steve Sy, who previously participated in Alibaba’s e-commerce-focused entrepreneur networking program, eFounder Fellowship. It has since achieved annual revenue of PHP1 billion ($20 million) and built up a customer base of more than 250 brands, including Nestle, Samsonite, Reebok, Crocks, L’Oreal, and Unilever.

The company sees upside in the nascent nature of the local e-commerce space, which is said to represent less than 2% of GDP, compared to nearly 40% in China and 25% in the US. Last year, it claimed to have facilitated more than 233,000 orders in a single day, a domestic record for e-commerce throughput. 

“There is no way to go but up for smart Philippines e-commerce. It is just the beginning,” Javier Infante, a managing partner at Navegar, said in a statement. “The best way for an investor to participate in this upswing is to partner with a successful business that has already established strong relationships with top brands in the market.”

Navegar invests middle-market companies with exposure to the Philippines and claims $300 million in assets under management. It is currently raising its second vehicle, which is targeting $150 million and achieved first close of undisclosed size early last year. Its first fund – a 50-50 joint venture between Brummer & Partners and two local partners – raised PHP5 billion in 2013.

Manila and Amsterdam-based M&A consultant Rocket Equities advised Great Deals on the investment.

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• Topics
• Southeast Asia
• Consumer
• Support services
• Expansion
• Philippines
• Navegar
• Growth capital
• e-commerce
• Logistics
• SME