Ensogo, an e-commerce website which focuses on discounted daily deals, has received a USD5 million strategic investment from Vip.com, an online discount retailer for brands in China formerly known as Vipshop.com.
According to Ensogo, China Renaissance was the exclusive financial consultant for this deal.
Founded in 2010, Ensogo was listed on the Australian Securities Exchange in December 2013. Ensogo provides discounted products to over 600 million users in Southeast Asia and its businesses currently cover Hong Kong, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Kris Marszalek, chief executive officer of Ensogo, said that by cooperating with Vip.com, the company expects to further enhance and develop its businesses in Southeast Asia in the future. They believe a long-term partnership will create positive synergistic effects.
Gu Weiguo, investment management director of Vip.com, said that Ensogo is a well-known discount e-commerce provide in Southeast Asia and Hong Kong. The strategic investment in Ensogo is an important measure of the global e-commerce platform development strategy of Vip.com. With the investment, Vip.com will be able to better understand the fast-growing Southeast Asia e-commerce market. At the same time, the company will use its experience in the discount retail sector to help Ensogo achieve better performance.