Exor Seeds, the venture arm of European giant Exor, has announced a US $4.7 million investment in Qashier, a smart point-of-sale (POS) system supplier.
Qashier received US $900,000 in funding from Cocoon Capital and San Francisco-based Hardware Club a year ago.
Qashier will be able to increase its footprint in Malaysia with the new financing. It also intends to expand into other Southeast Asian countries in the future.
It will also use the funds for product development and to expand its local team by another 30 individuals in engineering, HR, sales, and business development.
Qashier has created the Qashier Smart Terminal, a plug-and-play device that is simple to use. The device has cloud-based POS software, an integrated payment acceptance system, and a proprietary app store that includes a full spectrum of business applications like inventory management and customer loyalty.
A Qashier terminal costs SGD1 per day to rent. The company says that over 1,000 retailers have adopted the Qashier Smart POS terminal in the last year, resulting in a 10x increase in income. Since its introduction a year ago, the site has processed over $100 million in transactions.
QashierEats, a low-cost, all-in-one online ordering platform that allows F&B retailers to sell online and manage a sustainable and successful delivery company, was launched in May 2021 by the POS startup. QashierEats has over 200 restaurants onboard so far.
“We made fast headway in the market with the accelerated demand from SMEs to digitalise their operations amid the pandemic. From contactless payment acceptance and real-time reporting to customer loyalty and inventory management, Qashier empowers merchants to adapt to changes due to constantly evolving operational needs quickly,” said Christopher Choo, CEO and co-founder of Qashier.
“With the recent launch of QashierEats, F&B merchants can now set up online stores in minutes and start accepting orders for pickups and deliveries with zero commission fees,” he added.
Southeast Asia’s market for smart POS systems is quickly expanding, with total retail sales expected to top US $970 billion by 2021. Qashier is expanding its product line to help brick-and-mortar businesses become more digital, providing them with the tools they need to compete in the increasing e-commerce sector.
