PETALING JAYA: Malaysia’s first online grocer mobile app Jocom International Holdings Sdn Bhd has successfully listed part of its share capital on Singapore’s first regulated private securities exchange, 1exchange (1X), raising aggregate proceeds of S$5.6 million (RM17 million).
The listing is 1X’s second cross-border listing, as well as the third private securities exchange listing of its kind in Singapore.
Established in 2015, Jocom, which is an acronym for “Just Order Conveniently on Mobile”, operates a mobile grocery store through its subsidiaries Jocom MShopping Sdn Bhd and Jocom Ethirty seven Sdn Bhd, and has built a sizeable base of three million users, 500 vendors and 15,000 SKUs currently.
“With this latest round of funds obtained through the 1X listing, the company is now ready to complete its transformation as a fully-branded online platform and a gateway for both consumers as well as local producers in Malaysia who want to break into the Malaysian market and beyond,” the company said in a statement.
Jocom founder and CEO Joshua Sew commented that the company aims to become a “category killer” ’ in online grocery shopping.
The company plans to invest significant resources into developing an AI-powered back-end system which will analyse big data such as demographics, customer preferences and spending power, and transform it into actionable insights for targeted marketing activities.
The AI-driven analytical insights will also support delivery logistics, inventory management and merchandise pricing, streamlining of processes and generating of cost efficiencies.
Beyond Malaysia, Jocom has started making inroads in China, channelling sales of Malaysian products to consumers there.
Jocom plans to expand its operations to markets such as Indonesia and Australia, positioning itself as a gateway for Malaysian producers to make their products available overseas.
