Polaris Digimedia, a subsidiary of Singapore-based mobile phone and electronics distributor Polaris, has acquired a 33.5% stake in Shopdeca, an e-commerce lifestyle retailer based in Indonesia, for $1m.
The funding is Shopdeca’s second cash injection, following on from its seed funding from Japan-based venture capital firm East Ventures in 2013. ShopDECA used the previous investment to expand its operations into Singapore, with its first shop opening earlier this month.
Polaris Digimedia views the investment ShopDECA as an opportunity for Polaris to expand beyond telecommunications and IT retail in Singapore, as well as a way to provide other means of sales channels to its customers.
Polaris currently runs 22 shops in Singapore through its subsidiary companies under the Apple, Lenovo, SingTel, M1 and Sony brands. Its 10 outlets in Myanmar run under its own brand, which has been in operation since 2011.