KUALA LUMPUR: Paramount Corp Bhd has invested RM10mil in Commerce DotAsia Ventures Sdn Bhd (Commerce.Asia) in line with its strategy to diversify its revenue stream.

       In a statement, the group said the investment was made via its wholly-owned investment vehicle Magna Intelligent Sdn Bhd and Magna’s 30%-owned associate Omegaxis Sdn Bhd, which owns the peer-to-peer lending platform Fundaztic.

       Commerce.Asia, which operates in South-East Asia, manages all aspects of customers’ online businesses from developing their online stores to managing product sales across multiple e-marketplaces, including warehousing, payment, delivery, marketing, and order management.

       According to Paramount corporate strategy and investment head Tracy Gan, the convergence of the financial technology and eCommerce trends serves as the platform for Fundaztic to provide financing to Commerce.Asia’s network of merchants utilising advanced data and insights.

       The company has over 92,000 active sellers that use its various platforms, with a group gross merchandise volume of RM6.7bil last year.

       “The pandemic had shifted consumer behaviour and accelerated eCommerce adoption worldwide over the past two years,” Gan said.

       As such, the investment in Commerce.Asia is timely given its end-to-end ecosystem, track record, and business model which has almost doubled in revenue since 2020 and turned profitable in 2021, according to Gan.