Hibox, a global company based in London specializing in mystery box e-commerce, is planning to establish branches in Indonesia and the Philippines in the third quarter of this year. In the second quarter of 2023, HIBOX, launched its Vietnam branch. Shortly after, in July, it officially entered the Indian market.

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“The company now has plans to establish branches in Indonesia and the Philippines. Looking further ahead, HIBOX aims to expand its operations in 2024 to penetrate the South American and North African markets,” it stated.

The company has dedicated $20 million to pioneer a convenient e-commerce solution catering to people of all generations.

To support its global expansion and strengthen its brand presence, the company raised US$20 million in a Series A funding round during the same quarter. Amaris Financial Partners, a global investment firm, led the funding round.

The COO of HIBOX, Malek Salah, highlighted the substantial market potential in India, especially due to the eagerness of young Indians to embrace new and exciting experiences.

HIBOX's recently also introduced franchise system. The company said it is is determined to establish a strong presence in the country's mystery box market and rewards all franchisees while providing ample support.

HIBOX has also allocated substantial funds to promote its franchising efforts.

By the end of 2023, the company aims to attract franchisees in more than ten major and medium-sized cities across India, including Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Pune, Surat, and others.

First Published:Aug 11, 2023 12:58 PM IST