Innoven Capital has provided an unknown amount of debt investment to edamama, an e-commerce business in the Philippines that caters to millennial mothers.
This raises the total amount raised by the firm to over $6 million. Gentree Fund, Robinsons Retail Holdings, Kickstart Ventures, Foxmont Capital, and angel investors contributed $5 million to edamama in July.
Innoven is making its first investment in the Philippines.
In preparation for a Series A fundraising round early next year, the firm will utilise the extra funds to expand its logistics and fulfillment capabilities.
Nishant and Bela Gupta D’Souza, a husband-and-wife team, founded edamama in 2020. Over 25,000 SKUs from approximately 1,000 brands are available on edamama. According to a press release, the firm uses a personalised, content-driven strategy to offer a digital gift registry, baby goods subscription services, and a wide range of online programmes for kids and parents.
Since its inception, the e-commerce business claims to have attracted millions of visitors and increased its gross merchandise value by more than 50 times.
Bean by edamama, the company’s direct-to-consumer apparel line, was just established.
Seviora Holdings (a wholly owned subsidiary of Temasek) and the UOB Group have partnered to form Innoven Capital. In the last six years, the company has disbursed approximately US $800 million in loans across Asia. Byju’s, OYO, Carsome, and FirstCry are just a few of the unicorns in its portfolio.
