Society Pass is not acquiring companies like Vietnam’s Leflair, Philippine’s Pushkart , and others , for the fun of it.
Its current form is that of an e-commerce aggregator, a platform that rolls up and aggregates other high growth and successful retailers into one powerhouse portfolio of million dollar companies, Dennis had described.
It focuses on five verticals – lifestyle, food and beverage, travel, merchant software, and travel – and is actively looking for e-commerce companies that sell in the first three verticals.
For example, it purchased Vietnamese lifestyle e-commerce provider, Leflair in 2021, after Leflair went bankrupt in 2020.
But despite all these amazing companies that exist in the Southeast Asian ecosystem, about 90-percent of those companies aren’t going to be able to get the venture capital (VC) funding they need to scale and grow.
“From a revenue base of zero, we relaunched Leflair into the Vietnam marketplace and within 3 and half months, we generated over USD630,000 in sales, with growth of 20 to 75-percent sales per month.”
Society Pass has also recently acquired a leading grocery delivery app, which Dennis fully intends to invest millions of dollars into, to create Southeast Asia’s Instacart.