From mergers and acquisitions to funding and contests, here is the next edition of the Indonesia weekly review – your weekly dose of the latest happenings from the Indonesian startup ecosystem.
Indonesia’s Kioson Officially Acquires Narindo
The acquisition is part of the company’s post-IPO plan after it began trading on Indonesia Stock Exchange (IDX) last week as the first Indonesian startup to list on the platform.
In a press statement, Kioson Managing Director Jasin Halim stated that the company has acquired 99% shares in Narindo and that it is meant to strengthen its bottom line.
“This acquisition plays a strategic role in strengthening our infrastructure in the region through assets belonging to Narindo. With Narindo’s focus as an e-voucher aggregator, Kioson will be able to maintain the company’s business from the upstream level. We expect that this will secure Kioson’s bottom line,” Halim stated.
Southeast Asian Conglomerates Salim Group And Lotte Group Launches ILOTTE
iLOTTE has been launched as a mobile and desktop platform for leading local and global retail brands. As revealed in media reports, it has been built in form of an online mall, hosting global brands such as Clarins, Shiseido, Audi, Volkswagen, JBL, Canon, Nike, and LEGO.
As stated by iLOTTE VP Steven Calvin Victory in a media statement, “Elevenia acquisition and the iLOTTE launch are part of Salim Group’s strategy in embracing ecommerce. Salim Group has the vision to contribute to building a digital ecosystem in Indonesia.”
Southeast Asian Logistics Startup Deliveree Sweeps $14.5 Mn Funding From Gobi Partners, Others
Jakarta-based logistics startup Deliveree has reportedly raised $14.5 Mn Series A funding in a round led by Shanghai-headquartered Gobi Partners. PSA Unboxed, Asia Summit Capital, and existing investors Inspire Ventures and Wavemaker Partners also participated in the round.
The newly-secured financing from Gobi Partners and others will enable Deliveree to expand its presence across additional locations in Southeast Asia. Post the fundraiser, the startup will work to penetrate deeper into the B2B space by providing its tech solutions to businesses.
Although originally launched in Bangkok in 2014, the first- and mid-mile logistics startup currently boasts a stronghold in Indonesia and Philippines’ capital Manila, where it operates through the Transportify brand. The company is the brainchild of Ardent Capital and Inspire Ventures.
Temasek’s Vertex Ventures Closes Its Southeast Asia & India Fund At $210 Mn
Vertex Ventures, the venture capital arm of Singapore-based Temasek Holdings has finally closed its Southeast Asia and India fund (SEA III) at $210 Mn. The fund got closed at a 40% higher value from the original target of $150 Mn.
SEA III is the first fund with external investors. It includes investors such as Thailand’s Kasikornbank (KBank), and Taiwan’s Cathay Life Insurance Co. All the previous funds were fully backed by Temasek, a Singapore-based investment firm.
Vertex will use its Southeast Asia fund to invest in early-stage tech companies in Southeast Asia and India. The preferred sectors to invest the Southeast Asia fund will be enterprise technology, financial technology, and consumer internet.
Cardekho Parent Appoints Its First Indonesia CEO
GirnarSoft, the parent company of India’s leading auto portal, CarDekho.com has appointed Brata Rafly as CEO for its Indonesia arm Oto.com. Rafly was previously the CEO of DimoPay, a fintech firm.
Oto.com has been on an accelerated growth trajectory and has set a mark for itself in Indonesia in less than two years of starting operations. Oto.com helps 3.4 Million users buy & sell used new & used cars every month by serving them relevant content and buying tools. The platform helps the consumers choose the right car and then connects them with multiple dealers to get the best price & offers.
Brata comes to Girnar with 21+ years of experience in driving businesses in US and Indonesia. Most recently, he is known for his exemplary contribution in DimoPay which became the top QR payment acceptance and top fintech player under his leadership. Prior to that, he worked as the Chief Commercial Officer of Tiger Mandala and Country Director of MSN Indonesia and Yahoo Indonesia, where he drove 4-digit growth within 2 years.
Last year, GirnarSoft entered into a joint venture with PT. Kreatif Media Karya (KMK), the digital business arm of PT Elang Mahkota Teknologi Tbk (Emtek), one of Indonesia’s most prominent media and content firms to revolutionise the fragmented automobile classifieds industry in Indonesia.
Stay tuned for the next week Indonesia weekly review!