Indonesia’s No.1 O2O Shopping Search Engine Pricebook Secures 3rd Round of Funding
September 29, 2016
Jakarta – Pricebook Co., Ltd.(Japan), which runs Pricebook(http://www.pricebook.co.id), Indonesia’s leading O2O shopping search engine, announces the completion of its third round of fund raising. The investment is led by KLab Venture Partners Co., Ltd.(Japan), followed by Aucfan Co.,Ltd.(Japan). The Indonesian presence is PT. Pricebook Digital Indonesia. The amount raised is not disclosed.
Pricebook Co., Ltd. is a Japanese startup established in September 2013 to solve information asymmetry in Southeast Asia among consumers and businesses. As its start, the gadget price comparison portal Pricebook was released to the Indonesian market in December 2013. As the only O2O shopping search engine in Indonesia, with its local office the company collects & provides sales prices from both online and physical stores on their website, now receiving No.1 brand recognition among shopping search engines.(*1)
With the new funds and business know-hows, Pricebook will further accelerate its expansion into various product categories and major cities out side of Jakarta as a firm step to evolving into a No.1 shopping search engine in whole Southeast Asia.
Image: Business Flow
What is Pricebook and Why it is the No.1 O2O Shopping Search Engine
Currently with a team of 20 members, Pricebook focuses on Indonesia’s merchandises such as mobile phones, computers, and other electronics to aggregate product specs, reviews, and prices from both online & offline shops for smart shopping experience for buyers and business enhancement for sellers and brands.
In the developing Indonesian market, with the continuous income increase and the spread of new budget smartphones, the internet population has reached 100 million in 2016. Rising shopping demand has brought on numbers of online marketplaces to enter, leading to fast growth in e-commerce and surrounding businesses. However, the country’s main shoppping channel remains by far offline due to price, trust, speed and other sensitive issues. The trouble with those offline transactions is, they are informationally assymetrical and disconnected; no stakeholder – shopper, seller, manufacturer – have complete access to accurate & real-time distribution information, causing opportunity losses everywere.
Image: Covering top electronics malls in Jakarta and other major cities
Given the situation, Pricebook aims to take the lead in unveiling the stock and flow of products to enable efficient buying and selling in Indonesia. Partnered up with 1000+ offline shops in Jakarta/Surabaya/Bandung and exclusively with ITC malls, the chain of country’s largest electronics shopping malls, Pricebook is the only service of the kind to offer offline store selling information registered through store dashboards to shoppers and businesses. The cross-channel comparison, together with high quality product information and user reviews, is leading to high purchase rate, making Pricebook one of the most important affiliates for the major online marketplaces. Additionally, Pricebook’s offline retailer network is enjoyed by manufacturers and service providers as a method to reach out to the opaque market. First round of collaboration is set to be announced in October. Pricebook is open for any collaboration possibilities to make connect the shoppers, sellers and other businesses.
(*1)Google AdWords Keyword Planner. July, 2016
Tomonori Tsuji, CEO of Pricebook
“Though Indonesia’s commerce market is huge, the details differ largely from the advanced markets. Seeing businesses enter and quit, it is becoming clearer these days that many of the pure time-machine web media are not working in this market. In the meanwhile, since its launch Pricebook has never seeked scale without depth. Our team, which consists of Indonesian members only aside from myself, has been sincerely communicating with the market – both shoppers and sellers – to solve the bottlenecks here. Because of that, Pricebook now receives considerable amount of user traffic and all kinds of partnership requests from businesses interested in our unique O2O reach and customer quality. We will be opening up the doors for more collaboration opportunities to enable smart shopping and selling only achievable through Pricebook, aiming to become the Southeast Asia’s No.1 shopping/business portal soon.”
Andika Seto Wicaksono, Digital Marketing Specialist at Tokopedia
“When a shopper wants to buy a gadget or other electronics online, it is important to be able to compare and get more references about the product they want to buy. By being part of Pricebook community, it is helping the customers find Tokopedia products easier. Pricebook is not only driving us immediate customers but also helping us increase Tokopedia fans who are likely to convert later.”
Akbar Cellular, Offline shop
“Ever since we partnered with Pricebook we have become famous online. It’s nice that customers can come to the storefront to do safer shopping.”
Primajaya, Offline shop
“We like how Pricebook sends customers to our stores so we can discuss the deal face to face.”
Use Office, Offline shop
“Can’t wait for another shopping mall event by Pricebook because we get lots of customers from it.”
Pricebook Co., Ltd.(Japan)
Representative Director: Tomonori Tsuji
Founded on: Sep., 2013
Business: Shopping search engine based on online and offline seller information
Service since: Dec., 2013
Local entity: PT. Pricebook Digital Indonesia(Indonesia)
Past investments: Incubate Fund(2013), Global Brain, IMJ Investment Partners, Hirokazu Mashita(2015)
Representative Director Summary
Tomonori Tsuji (CEO) – After spending his early days in Japan, Moscow, and New York, graduates University of Tokyo, joins an online marketing agency startup ItoKuro in Japan, managing online advertising and media development. Later becomes head of media development in a Singapore startup. Spins out to establish Pricebook Co., Ltd. in September 2013. Resides in Jakarta since November 2013.
KLab Venture Partners Co., Ltd.(Japan)
Representative Director: Hirokazu Nagano
Founded on: 21 Oct., 2015
Business: Venture capital fund for seed/early stage internet startups
Aucfan Co., Ltd.(Japan)
Representative Director: Shuichi Takenaga
Founded on: June, 2007
Business: e-commerce data service providing unique price analysis solutions along with multiple B2B marketplaces
Tedi Yuni Alriyanto (Media/PR Manager)
PT. Pricebook Digital Indonesia
Mobile : 083874607774
Office : 021-29306896
Email : email@example.com