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

[Indos]

YC, Sequoia back healthtech platform’s $2.6m round​

Sirka founders Dito Krista (left) and Rifanditto Adhikara / Photo credit: Sirka


Miguel Cordon · 2h ago ·

Indonesia-based Sirka, a digital platform for personal health, has raised US$2.6 million in a seed round from investors like AC Ventures, Wavemaker, Sequoia, and Y Combinator.

The Sirka helps its users address weight loss and lifestyle issues by offering professional consultations and actionable steps backed by data. The healthtech firm aims to help combat rising obesity rates among adults in Indonesia, which have doubled over the past two decades, according to the firm.

Sirka was founded in 2021 by Rifanditto Adhikara and Dito Krista, who have worked at MatahariMall and Ovo, respectively. The two lead a team that has members who have previously worked at firms like Grab and McKinsey and is rich in startup experience.

Sirka plans to use the new funding to build its community, enhance its platform, look for partnerships, and improve the efficacy of its program, according to a statement.

Tech in Asia - Connecting Asia's startup ecosystem

www.techinasia.com

 

[Indos]

E-grocery firm Sayurbox bags $120m from Northstar, Alpha JWC​

(From left) Sayurbox founders Amanda Susanti, Rama Notowidigdo, and Metha Trisnawati / Photo credit: Sayurbox

Aditya Hadi Pratama · 20 Mar 2022

Indonesia-based Sayurbox, an e-grocery startup, has raised US$120 million in a series C funding round led by Northstar and Alpha JWC Ventures, with participation from the World Bank’s International Finance Corporation.

Sayurbox is a farm-to-table distribution platform for fresh produce. Its name comes from the Indonesian word “sayur,” which means “vegetables.” The startup offers more than 5,000 products including vegetables, meat, poultry, snacks, and ready-to-eat dishes.

The company was established in 2017 by Amanda Susanti, a fellow at the Alibaba eFounders Fellowship program; Metha Trisnawati, who previously worked at Unilever and IBM; and Rama Notowidigdo, who was a former executive at Gojek. Last year, it raised US$15 million in a series B funding round led by Gojek-backed Astra.

In a statement, Sayurbox said that it currently serves around 1 million customers in the Greater Jakarta, Surabaya, and Bali areas, while working with more than 10,000 farmers nationwide. It has also built a network of microfulfillment hubs to support its quick commerce service Sayurkilat.

The e-grocery firm plans to use the new funding to accelerate growth in existing markets, expand to new cities, and strengthen its supply chain.

See also: The key players in Indonesia’s promising agritech space

Other investors in this round include:

• Astra
• Syngenta Group Ventures
• Global Brain

Tech in Asia - Connecting Asia's startup ecosystem

www.techinasia.com

 

[Indos]

GoTo Announces $1.26b IPO in Indonesia​

A handout photograph shows models enacting package delivery. (Photo courtesy of GoTo)

BY DION BISARA, LONA OLIVIA
MARCH 15, 2022

Jakarta. GoTo Gojek Tokopedia, an Indonesian technology company formed from the merger between ride-hailing giant Gojek Indonesia and e-commerce firm Tokopedia, announced its plan to raise up to $1.26 billion in one of the largest initial public offerings in the Indonesian stock market.

In a prospectus published on Tuesday, the company said that it would issue a maximum of 52 billion Series A shares, the equivalent of 4.35 percent of its enlarged capital at Rp 316-346 per share. The plan would net the company Rp 17.99 trillion ($1.26 billion).

GoTo will start the book building today until Mar 21. The company targeted targets to obtain an effective statement from the Financial Services Authority (OJK) on Mar 25. The public offering is scheduled for March 29-31 and shares listing on IDX on Apr 4.

GoTo will also conduct a serial rights issue for ten years after the effective date. GoTo will flush the market another 1.5 percent per year in each rights issue. GoTo will also sell ten percent of its enlarged capital on exchanges outside Indonesia. The management is still reluctant to mention which global stock market.

One of the Largest

Should GoTo meet its IPO target, it would be the second-largest initial offering in Indonesia's stock market in history, just below last year's Bukalapak IPO. The e-commerce company, founded by Achmad Zaky, Nugroho Herucahyono, and Fajrin Rasyid, raised Rp 21.9 trillion from the offering that saw an influx of domestic retail interest in the stock.

Still, Bukalapak's share price has dropped 73 percent since its listing date. GoTo seemed adamant to avoid a similar fate. So, it said that it had the lead underwriter in its offering, CGS-CIMB Sekuritas Indonesia, keeping 7.8 billion shares, which it will use to stabilize GoTo's stock price.

"The stabilization agent is trying to keep the share price from being lower than the offering price," wrote Goto's management.

"In connection with the initial public offering, the issuer together with the underwriters plan to stabilize prices by implementing more allotment options," GoTo management wrote in the prospectus.

GoTo also appointed Indo Premier Sekuritas, Mandiri Sekuritas,Trimegah Sekuritas, and Nilai Inti Sekuritas as underwriters. The later and CGS-CIMB Sekuritas also stand as the standby buyers in the offering.

Financial Performance

Like Bukalapak, GoTo went on IPO with its book still in the red. The company lost Rp 8.2 trillion in the first seven months last year, a smaller loss than Rp 11.3 trillion in the same period a year earlier, according to GoTo's financial data provided by Indo Premier. The same document also projected that the company would continue to make losses until at least 2024.

Still, the company showed strong growth in its operation. The document showed that the gross transaction value (GTV) was Rp 414 trillion in twelve months ending Sep 30, 2021. In comparison, the company saw Rp 330 trillion in GTV in 2020.

Between 2018 to 2020, GoTo revenue rose 56 percent on average every year. It reported a revenue of Rp 15.2 trillion in twelve months ending Sep 30, 2021.

In terms of cost, GoTo managed to improve efficiency and reduce promotion costs to 64 percent of gross revenue in the first seven months of 2021, from 67% percent in the same month a period earlier.

GoTo Announces $1.26b IPO in Indonesia

GoTo's plan to raise up to $1.26 billion could be the second-largest initial public offerings in the Indonesian stock market.

jakartaglobe.id

 

[Indos]

Bukalapak, CT Corp send AlloFresh into grocery delivery race​

A customer browses for groceries in a supermarket in Jakarta on July 2, 2021. (Antara/Rivan Awal Lingga)



Divya Karyza and Mark Lempp (The Jakarta Post)
PREMIUM
Jakarta ● Wed, March 2, 2022


PT Trans Retail Indonesia, a supermarket chain under Chairul Tanjung’s CT Corp, is collaborating with e-commerce platform PT Bukalapak to launch AlloFresh, an online grocery platform.

The venture combines the retail experience of Trans Retail Indonesia with the technology of Bukalapak and additional funding from Southeast Asian private equity firm Growtheum Capital Partners, according to a press release issued by the three companies on Tuesday.

AlloFresh will commence the business with initial funding of Rp 1 trillion (US$69.44 million), offering products from around 10,000 suppliers with three-hour and quick-commerce delivery options across Indonesia, the release states.

Bukalapak, CT Corp send AlloFresh into grocery delivery race

The new platform combines the retail experience of CT Corp’s Trans Retail Indonesia with the technology of Bukalapak, while additional funding comes from a Southeast Asian private equity firm.

www.thejakartapost.com

 

[Indos]

Financial management start-up CrediBook raises US$8.1 million
​

Norman Harsono (The Jakarta Post)
PREMIUM
Jakarta
● Tue, April 5, 2022

Financial management start-up CrediBook has raised US$8.1 million in series A funding to expand its market reach to more Indonesian wholesalers. The company said on Tuesday that it would use the funds to onboard more customers, develop technology, hire more workers and diversify its business.

It has recorded 12 million transactions since its launch in 2020, most of which have come from wholesalers. CrediBook began by offering bookkeeping, financial reporting and payment services for wholesalers and retailers. The firm launched online procurement platform CrediMart in September 2021 to help member wholesalers reach more retailers.

Financial management start-up CrediBook raises US$8.1 million

The company adds to a list of start-ups focused on digitalizing Indonesia's sprawling retail MSME sector.

www.thejakartapost.com

 

[Indos]

GoTo sizzles on debut, sets tone for booming Indonesia tech sector​

By Stefanno Sulaiman
, Fanny Potkin
and Anshuman Daga


3 minute read

​

• GoTo up as much as 23%, becomes one of largest listed local firms
• Strong debut fuels expectations of more tech offerings
• IPO is world's fifth-largest this year, bucking global weakness
• GoTo, Grab and Sea are all under pressure to turn profitable
• Indonesian stock market at record high, up 11% so far this year

JAKARTA, April 11 (Reuters) - GoTo (GOTO.JK) soared as much as 23% in its stock market debut on Monday after Indonesia's largest tech company raised $1.1 billion in a widely anticipated IPO, fuelling expectations of more tech offerings in a fast-growing sector.

The initial public offering (IPO) is the world's fifth-largest this year, Refinitiv data shows, and came at a time when many companies delayed launches due to the Russia-Ukraine war and economic uncertainty.

The strong listing is a boost to some of the tech giants who are backing GoTo and whose other investments have been battered by the global market rout since late 2021, including longtime major investors SoftBank Group's (9984.T) Vision Fund 1 and Alibaba Group Holding Ltd (9988.HK).

It also affirms the attractiveness of the $70 billion digital market in Southeast Asia's largest economy where record venture funding is creating a wave of startups.

"GoTo's IPO is a watershed moment for Indonesia," said Joel Shen, head of Asia technology at global law firm Withers. "With millions of users, drivers, and merchants, there's no company that's more plugged in to Indonesia's digital economy," he said.

PT GoTo Gojek Tokopedia Tbk was formed by last year's merger of ride-hailing-to-payments company Gojek and e-commerce firm Tokopedia, with its businesses straddling millions of small and mid-sized firms across the archipelago.

GoTo's shares rose to as much as 416 rupiah ($0.0290) in early trading. It had priced the IPO at 338 rupiah per share, the high end of an indicative range.

The shares, which were sold only to investors in Indonesia, unlike most other offerings, later pared gains to trade at 400 rupiah. At that price, it is Indonesia's third most-valuable listed firm at $33 billion, after Bank Central Asia (BBCA.JK) and Bank Rakyat Indonesia (BBRI.JK) and just above Telkom Indonesia's (TLKM.JK) $31.6 billion market value. read more

"I hope that GoTo IPO will motivate our young generations to give new energy for Indonesia's economic progress," Indonesia President Joko Widodo said in a video message.

RECORD JAKARTA STOCK MARKET

Against the backdrop of sharp declines seen in U.S.-listed peers Grab Holdings Ltd and Sea Ltd (SE.N) which operate across Southeast Asia, GoTo's valuation and size were lower than analysts had expected. All three unprofitable companies, though, are under pressure to turn around near-term.

GoTo's offering benefited from a booming local market, with Jakarta's main index (.JKSE) rising 1% to a record on Monday, taking gains to 11% so far this year and making it Asia's best performing market.

The listing ceremony on Monday at the Jakarta bourse kicked off with a video of all of GoTo's senior leadership in Gojek driver uniforms riding in-house Electrum brand electric motorcycles.

GoTo sold only about 4% of its shares in the IPO and the investors are subject to an eight-month lock-in, or two years for those with multiple class voting shares.

Other Indonesian startups eying IPOs in Jakarta include Binance-backed crypto firm TokoCrypto and online booking travel company Tiket.com, sources familiar with the manner told Reuters. Both firms were not immediately reachable for comments.

($1 = 14,368 Rupiah)

https://www.reuters.com/technology/indonesias-goto-soars-18-debut-after-11-bln-ipo-2022-04-11/

 

[Song Hong]

Bukalapak is backed by Alibaba. Most likely they have a GUI gloss over Alibaba framework.

 

[Indos]

 

[Indos]

700.000 Gojek drivers will get GOTO stocks for free

Each driver who has been with Gojek since 2010-2016 gets 4000 stocks, while for driver starting to work in 2017 gets 1000 stocks.

I just asked one of Gojek drivers ( motorcycle) that I know.

For car drivers could be higher

 

[Indos]

Qlue Secures Private Bridges Round Funding From ICMG​

(Left to right) Qlue founder & CEO Rama Raditya, Qlue president Marya Arvini, Qlue co-founder & CTO Andre Hutagalung. (Photo Courtesy of Qlue)


APRIL 21, 2022
Jakarta. Qlue, the most comprehensive smart city ecosystem provider in Indonesia, has successfully closed a new funding round through a Private Bridges Rounds scheme with ICMG Co-Creation Funds Investment, part of the Japan-based ICMG Group.

With this agreement, ICMG Group will be involved in developing Qlue's smart city solutions and businesses, particularly the comprehensive surveillance system solutions.

Founder and CEO of Qlue Rama Raditya said this funding round provides a strong foundation for the company to expand its business through diversifying its smart city solutions in Indonesia. The funding round also gives a positive signal that the technologies developed by Qlue have bright business prospects, in line with the recovery in global economic conditions.

For Qlue, the new funding round also expands room for innovation in artificial intelligence (AI) and Internet of Things (IoT).

According to Rama, the collaboration will help Qlue's business in the international market, thanks to the support of the ICMG Group's global business network.

With the new funding, Qlue aims to strengthen its business expansion in 6 countries, namely Singapore, Malaysia, the Philippines, Vietnam, Thailand and Japan.

"We have a strong ambition to accelerate positive changes in Indonesia and around the world. This funding deal with ICMG Group is also part of Qlue's commitment to develop solutions in a sustainable manner and deliver innovations that fit market needs through AI and IoT technology," Rama said in a recent press statement.

"We believe this strategy will strengthen the company's performance and maintain business growth of up to 70 percent in the coming years," he added.

The development and implementation of comprehensive surveillance system technology will increase significantly along with highly rate urbanization.

By 2050, 70 percent of the world's population is predicted to live in urban areas searching for economic opportunities and a better life. However, densely populated areas could struggle with urbanization-related issues and challenges.

Thus, cities will need better surveillance technology related to security and public surveillance systems. Qlue's solutions will optimize surveillance cameras like CCTV and various IoT sensors to optimize surveillance systems by applying features like face detection and recognition, intruders and other disturbance potential recognition, vehicle classification and detection, and features that could prevent illegal parking.

Qlue's comprehensive surveillance system has an integrated dashboard to visualize and analyze field data. Authorized officers will receive direct notifications to enable a fast and accurate response to the problem.

CEO of ICMG Co-Creation Investment Funds Gen Funahashi said that Qlue's vision aligns with ICMG's business values in terms of sustainable business and providing value to society. The development of the smart city ecosystem carried out by Qlue also has good business potential, which is in line with the massive digitalization and the implementation of artificial intelligence by businesses.

"We are very excited with this partnership because Qlue's business model has the good capabilities to provide added value for businesses. ICMG believes that Qlue's technology can encourage the transition to smart city implementation in Indonesia more broadly and benefit the public," Gen Funahashi said.

This Private Bridges Round deal will also involve the ICMG Group business network, which is carried out by ICMG Partners Co. Ltd. Thus, Qlue's target to implement its solutions globally can be achieved more quickly, especially in markets like Malaysia, Singapore, Japan, Thailand, Vietnam, and the Philippines.

ICMG Group will also support Qlue's business expansion by utilizing its business network, especially with companies headquartered in Japan.

As the first step in this collaboration, ICMG Group will ask subsidiaries of Japanese companies operating in Indonesia to support the implementation of Qlue technology solutions.

In 2021, Qlue achieved significant global market achievements by implementing Qlue solutions in the city of Minamichita, Japan, which is part of the Japanese Government's program to anticipate high urbanization that could result in many empty buildings in rural areas.

The use of the Qlue application is expected to encourage people's contribution to development in their area.

(Left to right) Qlue founder & CEO Rama Raditya, Qlue president Marya Arvini, Qlue co-founder & CTO Andre Hutagalung. (Photo Courtesy of Qlue)

Qlue Secures Private Bridges Round Funding From ICMG

Qlue has secured Private Bridges Rounds scheme from ICMG to expand its surveillance system solutions.

jakartaglobe.id

 

[Indos]

East Ventures raises $550m to fund Indonesian start-ups​

East Ventures staff pictured in an undated file photo(East Ventures/-)


Fadhil Haidar Sulaeman (The Jakarta Post)
PREMIUM
Jakarta ● Tue, May 10, 2022

East Ventures, known for its focus on Indonesian start-ups, has raised US$550 million in its latest close to be invested in the archipelago’s burgeoning tech sector.

According to a press statement released on Tuesday, the venture capital has allocated $150 million for early-stage deals and earmarked the remaining $400 million for growth-stage deals, adding to $6.7 billion in follow-on funding for seed and growth stage start-ups.

East Ventures currently has more than $1 billion in assets under management (AUM) in Indonesia with a portfolio of more than 200 firms, with an annual aggregate gross merchandise value (GMV) amounting to $86 billion.

East Ventures raises $550m to fund Indonesian start-ups

The venture capital has allocated $150 million for early-stage deals and earmarked the remaining $400 million for growth stage deals, adding to $6.7 billion in follow-on funding for seed and growth stage start-ups.

www.thejakartapost.com

 

[Indos]

Tencent-led funding for Flip ups Series B round to $100 million​

Flip CEO, Rafi, and other founders

Mark Lempp (The Jakarta Post)
PREMIUM
Jakarta

● Thu, June 16, 2022

Indonesian payment platform Flip has secured additional investment to increase its Series B funding to more than US$100 million.

The funding was led by Tencent, which had not been part of the first Series B funding. The Chinese tech and entertainment conglomerate has been increasing investment outside of China in recent years amid tighter regulations imposed on tech firms by Beijing.

Tencent was joined by San-Francisco-based financial services company Block and existing investor Insight Partners, the start-up announced on Tuesday.

Tencent-led funding for Flip ups Series B round to $100 million

Indonesian payments platform Flip has secured additional investment to increase its Series B funding to more than $100 million.

www.thejakartapost.com

 

[Indos]

Merah Putih Fund gets OJK permit, seeks $300m in Q1 2023
​

State-controlled venture capital outfit the Merah Putih Fund has received an operating permit from the Financial Services Authority (OJK) and is looking to collect Rp 4.44 trillion in the first quarter of 2023, with more funding rounds to follow. (Shutterstock/Gonzalo Aragon)

Wike D. Herlinda (The Jakarta Post) Jakarta ● Fri, August 26, 2022

State-controlled venture capital outfit the Merah Putih Fund has received an operating permit from the Financial Services Authority (OJK) and is looking to collect Rp 4.44 trillion in the first quarter of 2023, with more funding rounds to follow.

The permit was issued by the OJK on July 18, behind the targeted first quarter of this year.

Introduced in late December of last year, the Merah Putih Fund coordinates venture capital entities of state-owned enterprises (SOEs) Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia and Telkom Indonesia as well as the latter’s subsidiary Telkomsel.

Preparation

Merah Putih Fund aims to invest in start-ups valued above $100 million – also called centaurs – and involve them in the SOE ecosystem in a bid to help them grow into unicorns, or firms with valuations exceeding $1 billion.

Bambang W. Budiawan, who heads the OJK’s nonbank supervision department, said the permit obligated the Merah Putih Fund to report its venture fund activities every three months.

“Earlier this week, the firm was also ordered to meet the minimum requirement of having Rp 1 billion in assets under management,” he was quoted by Kontan as saying on Friday.

Meanwhile, the head of the Merah Putih Fund’s project management office (PMO), Eddi Danusaputro, told DealStreetAsia that the fund was aiming to collect a first $300 million in the first quarter of next year and another $300 million by the end of 2024.

The first funding round, he said, would be managed by five venture arms of the abovementioned firms: Mandiri Capital Indonesia (MCI), MDI Ventures, Telkomsel Mitra Inovasi, BRI Ventures and BNI Modal Ventura.

“For the second round, other SOEs and strategic investors are also welcome to participate, while the third round will be open for private firms as well,” he continued. Through his LinkedIn account, Eddi elaborated that most big Indonesian start-ups were backed by foreign venture capital, despite the fact that the country had introduced more than 10 unicorns.

“This is because [foreign investors] pour in more capital than our local investors,” he said, while noting that the concept of state-owned venture capital was not aimed at barring foreign investors from injecting money into local start-ups. Instead, he continued, Merah Putih Fund was aimed at strengthening local investors’ role in the domestic start-up ecosystem by providing funding of $10 million-$50 million for “soonicorns” or medium-sized start-ups that were a step away from becoming unicorns.

“Hopefully we can start investing in the second quarter of 2023,” he said, adding that the funds would prioritize start-ups in the sectors of food, agriculture, financial services and mining.

Merah Putih Fund gets OJK permit, seeks $300m in Q1 2023

State-controlled venture capital outfit the Merah Putih Fund has received an operating permit from the Financial Services Authority (OJK) and is looking to collect Rp 4.44 trillion in the first quarter of 2023.

www.thejakartapost.com