Nasdaq-listed Society Pass Incorporated (Nasdaq: SOPA), a leading Southeast Asian data-driven loyalty platform, has acquired Pushkart.ph, a leading online grocery delivery service in Philippines, paving the way for an aggressive expansion in the country.
The acquisition, announced Tuesday, Feb. 15, will make Pushkart.ph a wholly owned subsidiary of SoPa. “The move kicks-off SoPa’s expansion into the Philippines market. Leveraging on SoPa’s capital, Pushkart.ph will focus on dramatically increasing on-demand grocery shopping services to more consumers and more retailers initially to Metro Manila and then nationwide, while empowering grocery stores and restaurants to transform business models and further tap into online markets.
The announcement comes at a time of accelerated rapid growth for delivery services in Philippines, with the internet economy expected to increase 24 percent from $17 billion in 2021 to $40 billion in 2025.