PackWorks Eases The Operation Of Saree Stores In Philippines – Meczyki.Net

Sarees in the Philippines are small neighborhood stores that are often run on a pen and paper ledger. Inspired by motorcycle travel, packworks is on a mission to change that with a mobile enterprise resource planning platform (ERP), which has raised $2 million led by logistics group Fast Group and CVC Capital Partners, with participation from ADB Ventures, Arise, TechStars and the IdeaSpace Foundation.

The startup will use its new funding to develop its super app called The Pack, expanding its platform’s offerings, including optimizing store operations, including funding access for businesses and order management across the entire supply chain. . It also plans to create a division that engages saree stores and provides additional services with partners, as well as an open platform for financial institutions and brands to connect directly with saree owners. works out.

The company says PackWorks bootstrapped it before working its way up to working with 150,000 sari-sari stores. It was established in 2018 with an initial customer base of five saree-sari store partners. PackWorks has now added 150,000 stores and wants to have 220,000 stores by the end of 2022 and 500,000 by the end of 2023.

Pack Superstore App enables Saree-Saree owners to process their business inventory, bookkeeping and data collection. It provides access to financial products and ordered supplies at an affordable cost. The app is designed to use less bandwidth, as store owners often pay higher interest rates and overpay for consumer goods. It wants to reduce the interest cost and manage money through its e-payment facilities.

Owning a Saree Using ERP Packworks

Packwork began after founders Hubert Yap, Bing Tan and Ibba Bernando took motorcycle tours to rural communities. During that time, she came up with the idea of ​​working with saris after taking a motorcycle trip to bring solar panels to different communities. He said he noticed how difficult it is for sari-saris to track inventory and obtain supplies for their stores, especially in the provinces of the Philippines.

PackWorks chief marketing officer Bernando told Meczyki.Net that he and his two co-founders are motorcycle riders and “while pursuing our hobby, we also start advocacy activities like bringing solar panels to different communities.” During their travels, they usually stop at sari-sari shops in rural areas to eat or rest. “We noticed that these stores have a difficult time tracking their inventory and getting supplies for their stores, especially in the provinces.” That’s when the trio thought of making a one-stop app. He said, “Given the challenges of limited access to saree owners, especially in remote locations, we promised to share our technical knowledge and motivate them to switch from analog processes to technology. ,” They said.

The company originally started as a solution for multinationals to connect with neighborhood stores. By 2019, it had rolled out 220 stores nationwide and with a valuation of $400,000. After a year, that number increased to 27,828 stores with a valuation of $30 million, and as of the previous year, it reached 130,000 stores with a valuation of $139 million.

He says there isn’t just one one-of-a-kind saree shop, so PackWorks created a suite of different types of apps. For the more successful ones, it produced a full suite of business tools. For the new sari-sari store, it created a beginner-friendly app that guides and connects them to the mentor store. “They can order from our platform,” he said. “Not only that, but they are really micro-support groups that help each other.”

Pack: The Superstore app gives Saree-Saree owners access to financial products and supplies at affordable prices. Bernando says it aims to reduce interest costs and handle money through access to e-payments.

“There are not just one or two types of saree stores,” he said. “One of them is Rainbow. We are currently working with people who move consumer packaged goods and fast-moving consumer goods, but also Carinderia type, or sidewalk restaurants, Agritype and Rice, among others. Sellers are also working with type. It’s not about size but about selection of merchandise. We now have over 150,000 users with an estimate of 9,000 SKUs and we’re looking at 220,000 by the end of the year and 2023 We aim to store up to 550,000.

Asked what stage the revenue packwork is in, Bernando said, “This year is important for us. We’re working with our partners to generate revenue from project billing to performance billing, leveraging the transaction value of our 150,000 store network.” Will expand the model.

In a prepared statement, Bryce Q, Philippines Senior Managing Director and Country Head and Board Member of the FAST Group for CVC Capital, said, “At FAST, we are constantly exploring ways to improve our country’s supply chain. The over one million sari-siyar stores in the Philippines are a significant component of this chain, and we believe there exists a huge opportunity to create a digital layer connecting these stores with customers and suppliers. Laying PackWorks’ digital fabric and leveraging its emerging data to build supply chain efficiencies has exciting prospects, especially when combined with experience and FAST’s national scale.”