With the investment, Products2U which aims to facilitate online commerce for underserved offline communities plans to expand into new regions in Malaysia, along with onboarding new offerings onto their platform.
The Products2U platform allows businesses and agents to materially expand their product and service offerings to their local communities, with utility bill payment solutions, digital loan applications, prepaid gaming credits and affordable medical insurance applications.
“We are thrilled to be working with FMT and Winacore Capital. With their investment, we will be going full steam ahead in rolling out our offerings to more businesses and agents all across Malaysia,” they said, adding that many more products and services are in the pipeline.
Farhan and Faez said the company currently serves more than 1,000 businesses ranging from mini-marts, sundry shops, warungs, roadside stalls and reseller agents.
“These groups find our platform user-friendly, easy to use and comprehensive. At the same time, it helps digitise their businesses.
FMT managing director and Chief Executive Officer Azeem Abu Bakar said he was excited to get behind and support Products2U, adding that the business has shown impressive market traction thus far.
Azeem also said with FMT’s media firepower, he believed that the company would “supercharge” Product2U’s growth.
Winacore Capital founder and investment director Ashwin Chockalingam said Products2U has the right ingredients to succeed, adding that he was looking forward to supporting the platform in its journey to facilitate online commerce within underserved offline communities in Malaysia.
This investment by FMT and Winacore Capital marks the second investment via the accelerator programme.
Products2U founders Farhan Khairol Anuar and Faez Ridzal Hasnan began their journey in early 2021 when they realised that they had the potential to bridge the massive gap between the rural areas and urban cities with respect to accessibility to products, services, opportunities, and conveniences.
The accelerator programme had recently invested in Mart Expo, a network of artists from out the world as the first startup to receive investment from the programme.
The programme is currently structured as a flexible investment and advisory programme, with the view of supercharging ventures through media and cash investment.
For more information about the FMT accelerator programme, visit freemalaysiatoday.com/accelerator.