MANILA - Megaworld Corp said Wednesday it is venturing into digital technology investments to cater to shifting consumer behavior.
Under AGILE Digital Ventures Inc, its new digital investment arm, it will engage in investing and building technology start ups to support the country's food, retail and hospitality industries, the Andrew Tan-led firm told the stock exchange.
It allocated a $5 million (P250 million) three-year capex for its first start-up project, it said. AGILE's first investment is PICK.A.ROO, an on-demand delivery app set to rollout this month, Megaworld said.
Consumers can use the app to purchase food, gadgets, hardware, kitchenware, toys, pet care, personal care, medicine, office and school supplies and other essentials from over 300 local and international merchants, it said.
“Our main goal is to help retailers smoothly migrate to the digital platform especially during this challenging time. Since 2018, we have been looking for investment opportunities on an app that will enable our retail partners sell and deliver their products online and on-demand. We have talked to several potential partners, but eventually, we decided to build our own,” said Megaworld chief strategy officer and president of AGILE Digital Ventures, Kevin Tan.
The company said it was looking for other investment opportunities in the digital technology space.
Megaworld has 26 townships and mixed-used communities around the country.