Bukalapak: The multibillion-dollar business behind Indonesia’s iconic street stalls | CNBC Make It

[Indos]

TaniHub bags $70m Series B, aims to expand supply chain​

Agriculture Minister Syahrul Yasin Limpo (second right) makes an official visit on April 21, 2021 to TaniHub's National Fulfillment Center (NFC) in Cikarang, Bekasi, West Java, accompanied by TaniHub Group CEO Pamitra Wineka (right) and chief operating officer Sariyo (third left). (Courtesy of Tanihub/.)


Vincent Fabian (The Jakarta Post)
Jakarta ● Mon, May 24, 2021


TaniHub Group, one of Indonesia's top agriculture technology start-ups, has raised US$69.5 million (Rp 942 billion) in a Series B funding round to expand its supply chain outside the islands of Java and Bali.

The start-up said in a statement on Friday it would use the new funds to build more “mini hubs” of warehouses or packaging facilities across the archipelago with an aim to boost transactions and exports of fresh products by volume.

Supply chain services is one of three core businesses TaniHub provides farmers. The other two services are a fresh produce online marketplace and peer-to-peer lending.

“We are planning to strengthen our role in every region of Indonesia, bringing farmers and consumers closer together,” TaniHub Group CEO Pamitra Wineka said in the statement.

The new funding round was led by MDI Ventures, a subsidiary of state-owned telecommunications giant PT Telekomunikasi Indonesia (Telkom), and involved Add Ventures, BRI Ventures, Flourish Ventures, Intudo Ventures, Openspace Ventures, Tenaya Capital, UOB Venture Management and Vertex Ventures.

TaniHub said its business had grown a whopping 639 percent in 2020, when it also expanded its business beyond Java by opening a warehouse in Bali. The agritech start-up added it planned to expand to the islands of Kalimantan and Sumatra.

According to business data provider Crunchbase, the latest Series B round brings TaniHub’s total funding to $94.5 million, following an extended Series A funding round in April that raised $17 million.

MDI Ventures portfolio director Sandhy Widyasthana said the new fund, which had been “entrusted to MDI from Telkom and the State-Owned Enterprises (SOEs) Ministry”, was expected to help TaniHub expand its reach to more farming communities in the country.

The agriculture sector leads in workforce absorption at 30 percent, yet it is also very low-tech, and less than one-fifth of all farmers have tertiary and higher education.

Since its establishment in mid-2016, TaniHub has partnered with over 35,000 smallholder farmers and operates 12 distribution hubs to date, distributing over 900 different agricultural products to more than 200,000 customers.

TaniHub bags $70m Series B, aims to expand supply chain

After expanding to Bali last year, the agritech start-up is looking to expand its supply chain services to other Indonesian islands like Kalimantan and Sumatra.

www.thejakartapost.com

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Tani in Indonesian means farming

 

[Viet]

Indonesia is famous for its millions of traditional street kiosks, but they are modernizing fast amid strong competition from modern retailers. CNBC Make It’s Karen Gilchrist spoke to Bukalapak CEO Rachmat Kaimuddin about the multibillion-dollar business of bringing small sellers online.

But you can’t beat Singapore hawker stalls they offer the best chicken rice on the planet.

@Mista

 

[Mista]

But you can’t beat Singapore hawker stalls they offer the best chicken rice on the planet.

@Mista

Lol. You seem to like Chicken Rice a lot.

Hawker prices are actually too low.

 

[Indos]

Gojek once again get financial injection from one of state owned telecommunication companies, PT Telkomsel. Latest injection is 300 million USD.

Telkomsel Doubles Down on Gojek Bet

Telkomsel has tripled its investment in Gojek Indonesia with a $300 million capital injection on Monday, bringing the total to $450 million.

jakartaglobe.id

 

[Indos]

Gojek in several Asean countries

Vietnam

Thailand

Singapore

 

[Indos]

Lippo Group injects $1.5m in Ruangguru​

A student uses the Ruangguru mobile application. Lippo Group has invested around Rp 21 billion (US$1.46 million) in edutech start-up Ruangguru, gaining a 3.38 percent stake in the company. (Courtesy of Ruangguru/-)


Eisya A. Eloksari (The Jakarta Post) Jakarta ● Mon, May 31, 2021


Property conglomerate Lippo Group, through a subsidiary, has invested around Rp 21 billion (US$1.46 million) in Ruangguru, acquiring a 3.38 percent stake in the education technology (edutech) start-up.

In a letter to the Indonesia Stock Exchange (IDX), Lippo Group’s publicly listed subsidiary, PT Multipolar (MLPL), confirmed that it had a minority share at the edutech firm through an investment made by subsidiary company PT Nusa Jaya Cipta.

“The company [PT Multipolar] is not a controlling entity of Rungguru,” the letter, dated May 21, stated. “There is no one from the company who serves as key management at Ruangguru.”

Lippo Group has shares in other companies namely digital wallet OVO, retail store Matahari and Nobu Bank. “For the next three to five years, Multipolar will transform its business portfolio to be more future oriented in the digital and technology segment,” Multipolar president director Agus Arismunandar said in a statement on Tuesday, as reported by Kompas.com.

Lippo Group injects $1.5m in Ruangguru

Property conglomerate Lippo Group, through a subsidiary, has invested around Rp 21 billion (US$1.46 million) in Ruangguru, acquiring a 3.38 percent stake in the education technology (edutech) start-up.

www.thejakartapost.com

-------------------------------------------------------

Intermezo

Ruang Guru founder and CEO, Belva Delvara is quite clever to pick girl friend. Her girl friend is Sabrina Anggraini, IT graduate from Gajah Mada University (Central Java) who also has several start up companies and currently study in MIT ( Massachusetts Institute of Technology ) for two different faculties

Belva and Sabrina

 

[Indos]

Fintech firm Amartha bags $7.5 million from Norwegian fund
​

Norwegian Ambassador to Indonesia Vegard Kaale (left) and Amartha founder and CEO Andi Taufan Garuda Putra pose for a photo at the Norwegian Embassy in Jakarta on Friday, the day Norwegian wealth fund Norfund agreed to invest US$7.5 million in Amartha. (Courtesy of Amartha/-)


Eisya A. Eloksari (The Jakarta Post) Jakarta ● Mon, June 7, 2021



Financial technology (fintech) company Amartha has signed a deal for investment worth US$7.5 million from Norwegian state-owned investment fund Norfund, in a collaborative effort to help women in rural areas establish and run their own small businesses.

Amartha, a peer-to-peer (P2P) lender, will disburse the funds to small and medium enterprises (SMEs) owned by women, especially businesses with a positive environmental impact, such as plastic upcycling.

"We are thankful and proud to be the first fintech company in Southeast Asia to receive funds from Norfund," Amartha founder and CEO Andi Taufan Garuda Putra said in a statement on Friday.

Established in 2010, Amartha has disbursed more than Rp 3.7 trillion (US$259.24 million) in loans to around 670,000 women to date. Last year, the company launched Plastic Waste Womenpreneur (PWW), a program to fund women-led plastic waste management businesses in villages.

Local waste collection in Indonesia is dominated by the informal sector, with scavengers collecting 354,900 tons of plastic waste per year, while waste banks and government-owned facilities collect just 69,900 tons per year. However, companies are stepping in to formalize the activities.

Read also: Informal waste collectors key to new recycling era

Norfund investment director and Asia regional office head Fay Chetnakarnkul said investment in Amartha would allow the company to strengthen Amartha's capability to serve the unbankable segment.

"Despite Indonesia's vast economic growth, financial inclusion is still a big issue in the underprivileged community," said Norwegian Ambassador to Indonesia Vegard Kaale.

Owned by the Norwegian Ministry of Foreign Affairs, Norfund is a private equity firm that focuses on agribusiness, clean energy and financial services in developing countries.

Fintech firm Amartha bags $7.5 million from Norwegian fund

Indonesian peer-to-peer lender Amartha has received funding to support small businesses owned by women living in rural areas, especially those with a positive environmental impact.

www.thejakartapost.com

 

[Indos]

Tech industry to lead growth in Indonesia until 2022
​

Movie on the go: The streaming industry is booming thanks to the advancement of information and communications technology. (JP/Jerry Adiguna)


Dzulfiqar Fathur Rahman (The Jakarta Post) Jakarta ● Mon, June 7, 2021


The information and communications technology (ICT) sector is expected to lead economic growth in Indonesia both this year and in 2022, as the COVID-19 pandemic has induced a faster-than-expected takeup of digital services.

The ICT sector will grow by between 9.1 and 10.1 percent this year and 9.8 to 10.3 percent in 2022, according to a Fiscal Policy Agency (BKF) projection.

“Other sectors look even, but the sector we have generally been focusing on, namely information and communications, is performing really well,” BKF head Febrio Kacaribu said at an online briefing on Friday.

“We also see it continuing to improve in 2022.” While the pandemic has battered contact-intensive industries, the ICT sector has benefited from the increased digitalization of people’s daily activities, such as work and school, as the government has upheld mobility restrictions in one form or another for more than a year.

The ICT sector, which employs less than 1 percent of the national labor force, grew by 10.6 percent in 2020, second only to healthcare services. Conversely, the transportation and warehousing sector, which employs some 4.5 percent of the workforce, booked the sharpest contraction at 15 percent, followed by food, beverages and accommodation services.

The gross merchandise value (GMV) of the country’s internet economy was estimated to grow by 11 percent to US$44 billion in 2020 from a year earlier, according to the e-Conomy SEA report by Google, Temasek and Bain & Company.

Read also: Indonesia to see double-digit growth in digital transactions this year: BI

The transportation and warehousing sector was forecast to rebound and grow by between 4.5 and 5.5 percent this year. For 2022, the sector’s growth is estimated at between 7.5 and 8 percent, depending on Indonesia's pandemic response and vaccination efforts.

Overall, the country’s gross domestic product (GDP) is forecast to expand between 4.5 and 5.3 percent this year and between 5.2 and 5.8 percent in 2022.

“This is with notes that herd immunity must be achieved by early 2022 and assuming that consumption and production activities normalize, that household spending growth rebounds to around 5 percent and that the implementation of structural reforms can really spur our economic growth as we are hoping,” said Febrio.

Read also: Indonesia won’t reach herd immunity until 2023: Moody’s

Speaking at the same online briefing, Josua Pardede, the chief economist at publicly listed Bank Permata, said that while the COVID-19 pandemic was the game-changer catapulting the growth of the ICT sector, the government also needed to provide the necessary digital infrastructure.

“This is key going forward, as it is the new normal for Indonesia and various countries across the world, bearing in mind that the ICT sector and the digital sphere will keep growing,” said Josua.

State-owned telecommunications firm Telkomsel launched the first commercial 5G service in the country in late May. The company will first provide the service in the residential areas of Jakarta and South Tangerang in Banten.

https://www.thejakartapost.com/news/2021/06/07/ict-sector-to-lead-growth-in-2021-2

 

[Indos]

Indonesia's Bukalapak increases IPO target to over $1 bln on strong demand-sources

Indonesian e-commerce firm Bukalapak is targeting raising more than $1 billion in its IPO, 25% more than previously planned, on indications of strong investor demand for the country's first tech unicorn listing, two sources familiar with the matter said.

www.reuters.com

 

[Indos]

Edutech start-up Gredu raises $4m for nationwide expansion​

Two children use digital multimedia materials to learn from home on March 17, 2020 in Bandung, West Java. Edutech and health tech have seen a boon in growth amid the government's restrictive COVID-19 policies.(Antara/M Agung Rajasa)


Eisya A. Eloksari (The Jakarta Post)
PREMIUM
Jakarta ● Wed, July 14, 2021

Education technology (edutech) start-up Gredu plans to expand its market beyond Greater Jakarta to other big cities with US$4 million in newly raised Series A funds.

In a statement on Tuesday, Gredu said that the funding round was led by Intudo Ventures and early investor Vertex Ventures, and that it would also use the fund to recruit new talents and develop personalized products for students and school administrative staff.

“We are sure about the market and the development of digitalization in education. We aim to expand our national and regional markets throughout the coming year,” Gredu cofounder and CEO Rizky Anies said in the statement.

Edutech start-up Gredu raises $4m for nationwide expansion

The technology start-up, which offers digital school management and learning management features through its app, is looking to expand its services to other cities amid increased demand for quality online learning tools during the pandemic.

www.thejakartapost.com

 

[Indos]

Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln on robust demand - sources

SINGAPORE, July 16 (Reuters) - Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targetted $1.1 billion after the issue received stronger-than-expected demand from investors, two sources familiar with the matter said.

Indonesia's Bukalapak raises IPO target to $1.5 bln from $1.1 bln on robust demand - sources

Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targetted $1.1 billion after the issue received stronger-than-expected demand from investors, two sources familiar with the matter said.

www.reuters.com

 

[Indos]

AlhamduliLLAH, Bukalapak seems to be very successful in its IPO in Indonesia Stock Exchange, the price is at the highest point and it is oversubscribed four times (market demand is larger than the offering ).


----------------------------------------------------------------------------------------------------------------

Hype over Bukalapak IPO raises eyebrows

​

Vincent Fabian Thomas (The Jakarta Post)
PREMIUM
Jakarta
● Wed, July 28, 2021

Homegrown unicorn Bukalapak is expecting a massive success with its initial public offering (IPO) as investors are reportedly eager to grab a piece of the pie, but critics say the maiden listing of an e-commerce company in Indonesia is overhyped. The company, which is backed by Singaporean sovereign wealth fund GIC and Microsoft among others, is expected to raise Rp 21 trillion (US$1.5 billion) in an IPO that is oversubscribed four times, as reported by Kontan based on unnamed sources.

The offering is set to be priced at the upper end of the Rp 750 to Rp 850 range announced earlier. On June 24, the company estimated its valuation would reach $4 billion to $5 billion at the IPO, far above the current $2.5 billion. More than 25 billion shares will be offered to the public from July 27 to 30, Bukalapak announced on Tuesday.

Hype over Bukalapak IPO raises eyebrows

Homegrown unicorn Bukalapak is expecting a massive success with its initial public offering (IPO) as investors are reportedly eager to grab a piece of the pie, but critics say the maiden listing of an e-commerce company in Indonesia is overhyped.

www.thejakartapost.com

 

[Indos]

Bank Jago brings down loss in first half with rapid credit growth

​

Publicly-listed digital bank Bank Jago launched a mobile app on April 15, 2021. (Courtesy of Bank Jago/.)



Dzulfiqar Fathur Rahman (The Jakarta Post)
PREMIUM
Jakarta ● Wed, July 28, 2021

Publicly listed Bank Jago booked a smaller net loss in the first six months as the digital bank achieved higher interest income on the back of rapid credit growth. Bank Jago booked a net loss of Rp 46.77 billion (US$3.23 million) in the first half of the year, down from nearly Rp 51 billion a year earlier.

The fall in net loss followed a 695 percent annual increase in loan disbursement to Rp 2.17 trillion. “Our performance is still not positive because of the investment factor. We think that is normal and still in line with our initial plan. This investment will pay off in the future,” president director Kharim Siregar was quoted in a news release as saying on Monday.

The digital bank continued to invest in information and technology, application development and talent acquisition, resulting in operating expenses of Rp 183 billion.

Bank Jago brings down loss in first half with rapid credit growth

Bank Jago booked a net loss of Rp 46.77 billion (US$3.23 million) in the first half of the year, down from nearly Rp 51 billion a year earlier. The fall in the net loss followed a 695 percent annual increase in loan disbursement to Rp 2.17 trillion.

www.thejakartapost.com

 

[Indos]

Unleash the unicorns: IDX expects strong market cap growth
​

The red-carpeted interior of the Indonesia Stock Exchange (IDX) in South Jakarta is ready to welcome traders on March 24, 2020.(AFP/Adek Berry)


Eisya A. Eloksari (The Jakarta Post)
PREMIUM
Jakarta
Fri, July 30, 2021

The Indonesia Stock Exchange (IDX) has done the math and estimates that the initial public offerings (IPOs) of six homegrown unicorns could contribute Rp 553.9 trillion (US$38.3 billion), or 7.69 percent, to the bourse’s market capital.

Indonesia is home to six unicorns, start-ups valued at more than $1 billion: on-demand transportation and delivery services company Gojek, digital payment platform OVO, online travel and booking agency Traveloka, and e-commerce platforms Tokopedia and Bukalapak, as well as newcomer logistics and package delivery company J&T Express.

“We have also been consulting with centaur companies to prepare [them] and accommodate their needs. Hopefully, they can even go public before becoming unicorns,” IDX assessment director I Gede Nyoman Yetna told a virtual press briefing on Wednesday.

Unleash the unicorns: IDX expects strong market cap growth

The country's bourse expects the IPOs of unicorn start-ups to add just over half a quadrillion rupiah to its market cap as it works to revise its rules to attract more local listings.

www.thejakartapost.com

 

[Indos]

Rachmat Kaimuddin, Bukalapak.com's president director. (Photo courtesy of Bukalapak.com)

Bukalapak Soars in Market Debut
BY :WHISNU BAGUS PRASETYO, LONA OLAVIA, GRACE NADIA CHANDRA
AUGUST 06, 2021

Jakarta. Bukalapak.com, an Indonesian e-commerce giant, has seen its share price jump 25 percent in its debut on Indonesia Stock Exchange on Friday, with investors seeking to get their hand on the first Indonesian listed unicorn.

The company's shares last traded at Rp 1.060 apiece at the market lunch break, rising 24.7 percent from its initial public offering (IPO) price of Rp 850. The exchange, also known as IDX, caps daily share price increases to 25 percent.

Bukalapak managed to raise Rp 21.9 trillion ($1.5 billion) from selling 25 percent of its enlarged capital in an IPO that was oversubscribed by roughly 8.7 times. The offering attracted more than 100,000 investors, a new record for an IPO of a single company in the IDX.

“Bukalapak successfully went through this IPO process and was very well received by domestic and international investors," Silva Halim, acting president director of Mandiri Sekuritas, the joint lead managing underwriter for Bukalapak’s IPO, in a written statement on Friday.

Nomura Sekuritas Indonesia wrote in a note to clients that there were a strong "fear of missing out" (FOMO) sentiments among retail investors, especially among millennials. "BUKA is a logical investment choice. Buy with a target price of Rp 1,620," Nomura's analysts Nicholas Santoso, Sandy Ham, and Raymond Kosasih wrote in the note.

Rachmat Kaimuddin, Bukalapak.com's president director, said that although the IPO was done in the midst of the Covid-19 pandemic, interest in Bukalapak's shares remained high. This reflects the investor’s trust in Bukalapak, a company that empowers MSMEs, the main driver of the Indonesian economy and the key to Indonesia's economic potential.

"Through this IPO, Bukalapak believes that we can push the growth of MSMEs to the next level," he said.
The company said it would use the proceeds from the offering as working capital for Bukalapak and its subsidiaries to invest in products and services to improve performance, profitability, and sustainability.

Bukalapak had a book building and roadshow on July 9-19, followed by a public offering on July 27-30. Being the first IPO of an Indonesian unicorn, the offering generated enough buzz that attracted orders worth Rp 1.8 trillion from individual investors.

As a result, Bukalapak doubled the pooling allocation portion for retail investors to 5 percent of all total available orders. Thus, the value of shares allocated for the pooling allocation for retail investors increased from Rp 547.5 billion to around Rp 1.1 trillion.

Bukalapak's US$ 1.5 billion IPO is the largest throughout the history of the Indonesian capital market, beating out the previous record of $849 million held by the country's second-largest coal miner, Adaro Energi, in 2008. It was also the first share listing by a tech unicorn on the Southeast Asian stock exchange.

Bukalapak Soars in Market Debut

Bukalapak raised Rp 21.9 trillion ($1.5 billion) from selling 25 percent of its enlarged capital in an IPO that was oversubscribed 8.7 times

jakartaglobe.id