Shox Is Reportedly Secures 79 Billion Rupiah Funding, Introducing Social Commerce Platform for Household

The Shox platform developer is reported to have received $5.5 million funding or equivalent to 79 billion Rupiah in the series A round. Also participated in this round Ephesus United, AC Ventures, Teja Ventures, SGInnovate, Partech, and a number of investors.

The data has been submitted to the regulator. DailySocial.id has tried to confirm the news regarding this investment from related parties, however, there had been no response until this article was published.

This startup was founded by Sonat Yalcinkaya (Kaya) and Vyani. Kaya himsel previously had experience in handling e-commerce businesses for big brands such as Philips and Midea. Meanwhile, Vyani is known as the co-founder of the logistics startup Pakde, which acquired by Shipper in 2020.

In fact, Shox has been operating since 2019 and currently has tens of thousands of application users. Shox’s service focuses on users in rural areas, targeting the unbanked population.

Shox Rumahan is currently being transformed as an application to fulfill household demands– from kitchen utensils, electronic equipment, and so on. With a social commerce concept, this platform allows its users to earn additional income by entrepreneurship through the partnership/community program with the social gathering feature in the application.

Evolution from Soyaka AI

Previously, Kaya was also known as the founder of Soyaka AI – a developer of artificial intelligence-based social commerce platforms. The Soyaka site and team are currently rerouted to fully work on Shox Rumahan. Even though in terms of backend, Shox also utilizes the engine from the Soyaka platform.

Saoyaka’s AI capabilities allow Shox to offer excellent features, such as using scanned photos or images to find products; then come up with product ideas and inspiration according to existing trends.

Shox Rumahan is growing quite rapidly, to the day this article was published, they already have around 150 employees stated on LinkedIn. Some of the team is headquartered in Yogyakarta.

From an article published by Kaya in 2021, Shox is said to have gathered users in more than 5000 villages in various regions. By analyzing existing purchasing trends, their team has helped build a credit scoring system, which will then be used as capital to create a comprehensive digital banking and payments ecosystem.

It is also said with the current business model, the cost for customer acquisition is much cheaper than the general e-commerce concept. “Our CAC (customer acquisition cost) in this rural community is 10 times cheaper than existing players. And these customers stay because they see true value,” he wrote.

In terms of logistics efficiency, Shox is more focused on serving bulk purchases (usually on a per RT scale). Ordering in large quantities makes it easier for them to reduce logistics costs, around 5-10x cheaper. Although it must be taken to a location far enough from the city center. “Our current average order value (AOV) exceeds $200, which is 5 to 10 times that of other social commerce players,” Kaya said.

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Original article is in Indonesian, translated by Kristin Siagian

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Waresix Reportedly Secures Additional 718 Billion Rupiah in Series B Funding

The logistics startup, Waresix, is reportedly received additional series B funding. Several investors are participated, including Tiger Global, Temasek, and East Ventures. Based on the regulator’s data, the funding average has reached $50 million or the equivalent of 718.4 billion Rupiah.

This achievement boosted the company’s valuation to $420 million, bringing Waresix as one of the most valuable logistics technology platform providers in Indonesia. Previously the company has secured $100 million series B funding from a number of investors, including East Ventures, Jungle Ventures, SoftBank Ventures Asia, EMTEK, Pavilion Capital, and Redbadge Pacific. Within less than a year, MDI Ventures also joined the series B funding.

Waresix currently provides logistics technology for two main solutions, related to transportation and warehouse management. In terms of transportation, the company has developed a Transportation Management System platform, making it easier for businesses to manage delivery assignments, real time monitoring, driver administration, and reporting.

In terms of warehouse solutions, the company allows businesses to find warehouse services — and allow warehouse owners to efficiently sell the available space. By 2020, Waresix already acquired 30 thousand trucks connected to the platform and 300 warehouse operators in various cities.

There’s also business expansion, one of which is to enter first-mile and mid-mile logistics services that have not been accommodated. In 2020, Waresix acquired Trukita, which is known as a marketplace portal to help users find offers for freight and trucking services for delivery.

It is expected that through this corporate action, Waresix aims to accommodate all aspects of the supply chain through a technology approach, including truck management, warehousing, multi-modal transportation, and vendor management.

All services provided by Waresix are becoming relevant in Indonesia. The fact that this is an archipelagic country has resulted in the logistics cost, one of the highest in Asia, even contributing to a quarter of Indonesia’s gross domestic product which reaches $1 trillion.

Indonesia’s position in the 2018 Logistics Competitiveness Index released by the World Bank continues to arise. However, Indonesia’s ratio of logistics costs to GDP still reaches 24%, lagging behind Thailand and Malaysia. This creates a potential of $240 billion in the logistics sector in Indonesia. High logistics costs not only weaken the competitiveness of the industry, but also increase the cost of doing business for SMEs in Indonesia.

With a variety of unique solutions, many local startups are trying their luck in the logistics world. Some of their business models are well-validated and gain investor support, including:

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Original article is in Indonesian, translated by Kristin Siagian

IDN Media Plans to Invest 50 Billion Rupiah for Its Live Streamer Networks Appreciation Program

In order to give appreciation to streamers as well as motivate them to continuously being creative in creating live streaming content, IDN Media launched the IDN Live Streamer Fund program in April 2022. This program will provide capital of IDR 50 billion.

IDN Media‘s Co-Founder & CEO, Winston Utomo revealed to DailySocial, through this program, it is expected that this program will continue the development of live streaming content on IDN Live, both in terms of creators and the creativity of the content. At the same time, participate in building economic creators in Indonesia.

IDN Live is a live streaming platform that complements other existing popular content, such as news articles from media, quizzes, to movies under the auspices of the company.

The IDR 50 billion fund is not limited to anyone and will be distributed to selected streamers who already meet certain criteria. Other benefits are including media coverage, promotional strategies, and paid advertising in the IDN Media ecosystem. In addition, there is also access to use IDN’s professional studios located in Jakarta and Surabaya offices for content creation.

On the business side, creators can also get brand sponsorship opportunities facilitated by ICE (IDN Media’s creator marketing platform). There are also various training and mentoring programs from the IDN Media team and devices to support live streaming sessions, such as cameras, microphones, mixers, etc.

“We are very open to various types of live stream content according to their respective creativity. Starting from lifestyle, travel, culinary, horror, music, K-Pop, and many more. However, there are community guidelines that must be followed,” Winston said.

Previously, Gojek’s streaming platform also launched the GoPlay Creator Fund for similar purpose. They prepare of Rp15 billion as a monthly bonus for creators who meet the program’s criteria.

Supporting economic creators

It is recorded that the current existence of content creators to influencers is increasingly being used by brands to carry out marketing activities. In order to support these content creators, this program is part of IDN Media’s strategy to support the growth of economic creators in Indonesia.

The existence of streamers and their diverse content is an important part in the development of IDN Live in the future. The IDN Live Streamer Fund program is expected to spur the creativity of streamers, encourage the emergence of new quality streamers, as well as support the content creator industry in Indonesia.

“Through this program, we also expect to continue to develop live streaming content on IDN Live, both in terms of creators and the creativity of the content presented. In addition, we also hope to be able to participate in building the creator economy in Indonesia,” Winston said.

Last February, IDN Media also launched the IDN Creator Network. Which is a marketing agency that aims to connect creators and brands to run campaigns more effectively.

The large number of requests for marketing with storytelling techniques became the first idea for launching the platform, to maximize strategy and deliver brand messages in the right way. In its early days, IDN Creative Network has collaborated with more than 130 top Indonesian influencers.

“At IDN Media, we really believe in the potential of economic creators. If you look at the existing trends, Gen Z is currently dominating the economic creators in Indonesia. That’s why we also want to support the younger generation to be able to work through useful and quality content. One step at a time, for a better Indonesia,” Winston said.

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Original article is in Indonesian, translated by Kristin Siagian

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Wifkain Bags Seed Funding Led by Insignia Ventures [UPDATED]

Textile supply chain platform, Wifkain, announced seed funding led by Insignia Ventures Partners with an undisclosed amount. A number of prominent angel investors participated in this round, including the Atome Financial Indonesia‘s CEO, Wawan Salum.

The company positioned itself as a pioneer, Wifkain aspires to be the first technology-based platform to meet the needs of the textile supply chain for fashion brands in Indonesia. Through this funding, Wifkain intends to expand its business reach to SMEs and fashion brand owners, increase the number of merchants, and build a team.

On the general note, Wifkain was founded by former banker and fashion entrepreneur Sara Sofyan (CEO), D2C brand entrepreneur Chindera Soewandy, and former Bukalapak’s executives Rudy Setyo Hartono (CTO) in 2020.

The Co-founder & CEO, Sara Sofyan said many brands had difficulty finding manufacturing partners due to several factors. In that case, Wifkain provides Manufacturing-as-a-Service (MaaS) services by cooperating with various manufacturers in various specialties, capacities, and locations in Indonesia.

“The platform we built connects sellers and buyers directly, simplify the long supply chain by cutting out intermediaries, the transaction process is cheaper, faster, and low risk,” Sara said in her official statement.

Meanwhile, Yinglan Tan, Founding Managing Partner of Insignia Ventures Partners, said that e-commerce and social media make fashion available quickly and easily accessible online. However, the upstream supply chain in Indonesia will remain disconnected and fragmented.

“Thus, Sara and the team at Wifkain are in a strong position to digitize the entire supply chain in the textile industry. They have made significant early-stage progress since launching the platform. We are delighted to be their partner on this journey,” he said.

Challenges and target

Sara views the Indonesian textile industry ecosystem from upstream to downstream has not been fully digitized. The process chain is very long, complex, and not transparent as it involves many intermediaries.

Manufacturing companies also have no integrated system for buyers, limiting their opportunities to increase sales. The ordering process can take up to several days. The level of non-fulfillment (unfulfillment rate) of sales can reach 30-50 percent. This situation forces fashion business people and brand owners through a multi-layered chain of processes.

In addition, traditional textile traders who sell offline have limitations in the choice of products which are relatively expensive, the ordering system is not integrated, and there is no product guarantee.

In fact, Indonesia is one of the largest textile markets and manufacturing centers in the world. Its market value is around 40% of the total global fashion industry market of $55 billion according to the Euromonitor report in 2018. The value is projected to grow at 5% CAGR in 2022.

Wifkain seeks to digitize the supply chain, especially for long-tail merchants in the MSME segment, aka merchants with search volumes and relatively low levels of competition. Through the solutions built, Wifkain wants to increase connectivity, transparency and efficiency for the textile industry supply chain

In order to meet supply chain needs in Indonesia, Wifkain will develop order management and inventory management that will allow order confirmation within a few hours, reduce order non-fulfillment rates to less than 5%, increase production process transparency, and provide analytical data such as demand predictions to suppliers.

Since its commercial service in 2020, Wifkain recorded an 11-fold growth in GMV (YoY) and pocketed 150 merchants (textile and factory traders) on the island of Java. The company claims to be able to complete the sourcing process in one day, faster than the standard which generally takes up to three weeks. It guarantees that there is an efficiency of purchasing costs of up to 50%.

On a separate session with DailySocial, Sara revealed that it is not easy to digitize merchants or textile suppliers with long history of conventional operation. One of the obstacles is shown from the development of technology on the platform to accommodate merchant needs.

“[The development of] technology [for the textile market] does not have many benchmarks in the market, therefore, we have to [do] testing properly according to the needs of merchants,” Sara added.

Although the textile marketplace is relatively new to the Indonesian market, Sara admitted that Wifkain’s business measurement metrics remain the same as the e-commerce model in general, such as Monthly Active User (MAU), Lifetime Value (LTV), and retention rate.

To date, Wifkain merchants are only available in the Java and Bali areas, however, the scope of buyers has reached various locations throughout Indonesia.

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Original article is in Indonesian, translated by Kristin Siagian

CrediBook Closes Series A Round of 116 Billion Rupiah Led by Monk’s Hill Ventures

A digital bookkeeping SaaS startup, CrediBook, announced Series A funding of $8.1 million (over 116 billion Rupiah) led by Monk’s Hill Ventures, with participation from several former investors, including Insignia Ventures Partners and Wavemaker Partners. Both were invested in the $1.5 million pre-series A round that closed in January 2021.

The company will use the fresh fund for national expansion, technology development, employee recruitment. Furthermore, the expansion of CrediMart’s digital wholesale services, through the addition of product categories and conventional wholesale store partnerships along with the expansion of operational areas.

In an official statement, CrediBook’s Co-founder & CEO Gabriel Frans said, the company will focus on answering operational problems faced by wholesalers, as well as working on great potential in the wholesale segment through CrediMart. Based on the data he quoted, there are around 200 thousand wholesale businesses serving 65 million retailers in Indonesia, contributing more than 60% to GDP.

Moreover, based on non-agricultural MSME activities, the estimated size of the market is $260 billion. “This is a very large number, therefore, CrediBook wants to work on this potential through the launch of a digital wholesale service, CrediMart, in September 2021,” Gabriel said, Tuesday (5/4).

Solving the grocery’s operational issue

CrediMart was born from operational problems experienced by conventional wholesale stores that do not have similar digital wholesale services. For wholesalers, CrediMart provides an online ordering application to make it easier for wholesale stores to receive orders and stock management quickly, and is equipped with digital bookkeeping features. As for retail, CrediMart provides online wholesale shopping services, overdue payments, and next-day delivery services.

Since its launching, CrediMart has served around 60 thousand wholesalers and retailers spread across more than 40 cities. Its partners provide a variety of wholesale products, ranging from daily necessities, leading medicines, stationery and office supplies, to building materials. Its revenue growth is claimed to increase up to seven times, increase 50% daily sales of wholesale partners, and increase unique retail customers by 56%.

“Through the digital bookkeeping application, CrediBook wants business actors to have neat financial reports and facilitate access to financing. Meanwhile, CrediMart is increasing the digital capacity of conventional wholesalers through order management and store inventory. CrediMart’s wholesale partners also welcome the digital services we provide because CrediMart helps to improve their business from the aspect of daily sales.”

For CrediBook alone, it is claimed that 40% of its users come from districts and villages in Indonesia. This application has also helped wholesale and retail players make neat financial reports in less than five minutes and has been proven to help speed up the process of applying for People’s Business Credit (KUR).

Regarding this funding, Monk’s Hill Ventures Partner Susli Lie said, for the last two years his team has been observing Gabriel and the CrediBook team working to comprehensively digitize wholesalers. Currently, the process of procuring wholesale and retail goods is still performed manually and is in dire need of digitization. In terms of potential, there are more than 65 million MSME players can be targeted.

“CrediBook has identified issues that need to be resolved, there are operational efficiency (digital bookkeeping applications and digital wholesalers), access to financing, and encouraging expansion for wholesalers to larger retail customers. We are very pleased to be a part of CrediBook’s journey which has mapped the potential of digitizing bookkeeping and digital wholesalers in Indonesia,” Susli said.

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Original article is in Indonesian, translated by Kristin Siagian

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Gotrade Secures 222 Billion Rupiah Series A Funding, Boosting Local Penetration in Southeast Asia

The investment app developer Gotrade announced funding of $15.5 million or more than 222 billion Rupiah. The series A round was led by Velocity Capital Fintech Ventures. To date, the company has raised a total fund of $22.5 million or equivalent to 322 billion Rupiah.

This round was attended by investors from various countries, such as Mitsubishi UFJ Financial Group [Japan], BeeNext [Singapore], Kibo Ventures [Spain], Picus Capital [Germany], as well as previous investors including LocalGlobe [UK], Social Leverage [US] & Raptors [USA].

The last $7 million round led by LocalGlobe took place in 2021. The funds were received after the application launched and can be used by invitation only, generating 20% weekly growth.

In its first year, the company claims to have grown organically and managed to gathered more than 500,000 users from 140 countries with total transactions reaching $400 million through 5 million trades.

Founded in 2019 by Rohit Mulani, Norman Wanto, and David Grant in Singapore, Gotrade offers the convenience of trading stocks from the United States stock exchange. This app allows users to buy shares on the NYSE and current shares on the NASDAQ starting at $1.

In its operation, the company does not charge a commission on their trades. However, the company admitted that it didn’t adopt collaborative practices by monetizing order flow payments. Gotrade earns income by charging 0.50% to 1.20% in FX fees (depend on currency) when users select local currency deposits which are then converted to US dollars to get started.

Apart from that, Gotrade also has a new subscription-based initiative called Gotrade Black with premium features such as candlestick charts, analyst ratings, target prices and risk measurement for $2 per month. On its official website, it is explained that this recommendation was made by professional stock analysts from Goldman, JP Morgan, and many other world-class investment firms/institutions.

Also, part of the capital raised will be used to develop the 40-person team and launch versions of the product in various markets, starting with Southeast Asia.

The Co-founder and CEO, Rohit Mulani revealed that investing in Southeast Asia is still broken. There are more than 600 million people unable to access quality investment products at reasonable prices. He said, most of them are still subject to funds with expense ratios exceeding 5%, savings products such as gold with a 3% spread and many hidden costs across their portfolios.

“We believe we should invest more fairly, and users don’t have to resort to predatory fees,” he said.

Gotrade Indonesia

Recenly before this funding was announced, the company had just launched a special product for the Indonesian people under the name Gotrade Indonesia in collaboration with Valbury Asia Futures (Valbury) as a local partner. All trades carried out on Gotrade Indonesia are carried out under a contract between the user and Valbury. Furthermore, Gotrade products that target the global market will be referred to as Gotrade Global.

Along with the launch of Gotrade Indonesia, the company also announced Andrew Haryono, the Valbury Group’s owner, as a co-founder of the company. Valbury Group is a financial conglomerate in Indonesia that has securities, derivatives and capital management products.

“Andrew has been involved since the start of the business in 2019 and has been quite essentioal in helping us achieve our success so far. With Valbury and the launch of Gotrade Indonesia, we were able to take our partnership to a new level and everyone felt it was time to recognize him for the important role he has played in the company’s past and the role he will continue to play in the company’s future,” Rohit said.

Apart from Gotrade, several investment applications in Indonesia that have also raised funds over the past year include Pluang, Pintu, Bibit and Ajaib.

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Original article is in Indonesian, translated by Kristin Siagian

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ARIA Agritech’s Strategy to Produce New Generation of Indonesian Farmers

One of the biggest obstacles in the agriculture industry is the lack of interest among young generation of becoming farmers. The large amount of land to be cultivated using conventional methods also makes it difficult for most farmers to optimize their performance.

In fact, when there is a pest attack, farmers should have anticipated quickly and it usually requires a large number of workers to carry out the process. As a result, many farmers experienced crop failures and large losses because it was too late to overcome the issue.

Through this problem, ARIA, as an agritech startup, comes with a solution to increase productivity using drones and IoT, while providing prevention and predictive agricultural solutions to large-scale farmers and plantations. In addition, the idea for developing this product is to help farmers and plantation owners get good agricultural products, while at the same time attracting more young farmers to enter the agricultural sector.

ARIA’s Co-Founder & CEO, William Sjaichudin revealed to DailySocial, starting with drone technology, they wanted to be an agritech platform that could help farmers get quality agricultural products with the right planting process, while minimizing labor work in the field.

“Most agritech platforms in Indonesia are currently focused on the supply chain. However, many of them are complaining about the low quality of farmers’ harvests. With the technology and services we have, we want to overcome these problems and focus on quality control,” William said.

Focus on B2B segment

ARIAwas co-founded by Arden Lim (CPO) and Yosa Rosario (COO). Currently, they operate two business verticals, B2B companies such as plantations and forestry. Especially for B2B clients, ARIA provides SaaS technology that helps them to carry out the planting process using directly connected data, so they can carry out accurate spraying activities.

Meanwhile, for both individual and farmers who own plantations, they expect to apply the best practices that previously been applied to large companies such as Sampoerna, Sahabat Agro Group, Sinarmas, Triputra Group, and as ARIA’s current clients.

“Our target this year is to be able to serve 60 to 70 percent of B2B clients and 30 percent to farmers. We hope that ARIA can also help through programs owned by local governments and available vacant land,” William added.

Starting from technology, ARIA is quite confident to create jobs that attract the new potential farmers in Indonesia. Therefore, the regeneration of farmers can run well, replacing the farmers who are currently fewer in number and most of them have aged.

From the responses of farmers in various regions who welcome their mapping technology and drone spray, ARIA sees the potential to be able to produce new young farmers and drone pilots in the future.

“For the drone pilots, we currently have around 16 people and targeting to grow 40 more by the end of the month. Our drone pilots come from each region, adjusting the demand from the units ordered,” William said

ARIA adopts a business model as a service company. As buying and selling drones is difficult, their way of running a business is to provide drones at a low cost, service per hectare. Thus, it can be more affordable for farmers. In order to integrated services, ARIA also collaborates with Bayer in the supply of chemicals for agriculture.

“In the future, we want to be able to make our own drones. What distinguishes us from other platforms is our direct approach by providing solutions. We are an end-to-end software and hardware platform for farmers,” William said.

Early stage fundraising plan

Currently, ARIA has secured pre-seed funding, which was organized and led by GK-Plug and Play Indonesia, East Ventures and market leaders in agriculture and logistics such as Triputra Group, Waresix, and Sahabat Group who participated in this series.

ARIA will use this funding to develop its infrastructure network and quickly establish distribution points in 17 branches spread across Indonesia to reach 40 billion hectares of ARIA’s potential market. This development was also accompanied by the purchase of a large drone fleet, as well as the development of a key IoT asset in the form of tracking technology to provide value and impact of change for ARIA customers.

“It is very important for ARIA to deal with the regeneration of young Indonesian farmers, who are constrained by limited land and suffer from working in low-income professions throughout Indonesia. Farmers in Indonesia are slowly dying. ARIA’s vision is to grow a new generation of young millennial farmers who are tech-savvy and able to compete and develop at a global level,” William said.

In order to get a strategic partner who can help ARIA open up more opportunities, in the near future ARIA will also complete an early stage fundraising. It’s in the finalizing stage, according to the plan, ARIA will get the fresh funds at the end of March.

“The biggest advantage in Indonesia as an agriculture country is being a farmer. However, as they are still using the conventional methods, the opportunities and benefits that can be obtained by farmers stay limited. Through ARIA, we want to make the farming profession more profitable,” William concluded.

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Original article is in Indonesian, translated by Kristin Siagian

Bukalapak Confirms Full Acquisition of Bolu Edtech Startup at 14.3 Billion Rupiah

Bukalapak confirms to acquire Bolu edtech (PT Belajar Tumbuh Berbagi) at $1 million (over 14.3 billion Rupiah). Bukalapak snags a full 11,340 shares through PT Kolaborasi Kreasi Investa (KKI) and PT Bina Unggul Kencana (BUK), and has completed since January 11th, 2022.

The confirmation was stated in its disclosure on the Indonesian Stock Exchange (IDX), along with the clarification of its nominal at $1 million not $1 billion.

“We intend to clarify that the share sale and purchase transactions made and by the selling shareholders of PT Learning Grow Sharing, PT Kolaborasi Kreasi Investa (KKI), and PT Bina Unggul Kencana (BUK) that occurred on November 4th, 2021 were related to the purchase of 100% The 11,340 shares of PT Belajar Tumbuh Bersama are worth USD 1,000,000 (One Million Dollars) not USD 1,000,000,000 (One Billion Dollars),” Bukalapak’s Corporate Secretary Perdana A. Saputro said.

He further said, “The information on the sale and purchase value of the shares is listed in the Addendum to the Conditional Shares Sale and Purchase Agreement signed by the selling shareholders of PT Learning to Grow Sharing, PT Belajar Tumbuh Bersama, KKI and BUK on January 11, 2022. This information will be uploaded later in the Q4 2021 Financial Report.”

Following this acquisition, Bolu’s operational office is now located not only in the Cengkareng area, West Jakarta, but also in Bukalapak’s head office which is located at the Metropolitan Tower Building, Cilandak.

Bukalapak’s road to edtech

Bolu, which stands for Belajar Online Yuk, is an edtech startup that was founded in 2018 by Sandi Pratama and Deka Adrai. Bolu focuses on being a community and online learning place for home business development. It is expected that online sellers can learn from each other and share experiences, therefore, they can continue to develop and transform digitally.

On our observation, this spirit is in line with Bukalapak’s main focus on building the MSME sector, through Bukalapak Partners, its main business driver. By the end of June 2021, the number of registered Partners reached 8.7 million, rising from 6.9 million at the end of December 2020.

Mitra Bukalapak’s revenue in the second quarter of 2021 grew 292% to Rp145 billion. Meanwhile, revenue in the first semester of 2021 rose 350% to IDR 290 billion. Its contribution to the company’s revenue increased from 12% in the second quarter of 2020 to 33% in the same quarter the following year.

Other startups acquired by Bukalapak

Aside from Bolu, Bukalapak has announced a series of acquisitions. Based on the company’s financial statements, the following is a list of completed acquisitions:

1. PT Onstock Solusi Indonesia

Bukalapak affiliates PT Kolaborasi Kreasi Investa (KKI) and PT Bina Unggul Kencana (BUK) signed a share purchase agreement with PT Onstock Solusi Indonesia (OSI) on September 2nd, 2021. Bukalapak bought 400 thousand shares or the equivalent of 100% ownership of OSI for Rp1 .45 billion. OSI is a SaaS startup that focuses on developing cloud-based stock management systems to help MSMEs do business neatly and automatically.

2. PT Ayo Tech Indonesia

KKI signed a share purchase agreement with PT Ayo Tech Indonesia (ATI) on August 12th, 2021. Bukalapak controls 51% ownership shares or 30,600 shares worth of Rp8.16 billion. ATI is engaged in trading and services business in Indonesia.

3. PT Kokatto Technology Global

KKI and BUK acquired PT Kokatto Teknologi Global (KTG) on November 2nd, 2021 for IDR 90.09 billion. Bukalapak controls 100% of the ownership shares or a total of 1,298 shares. However, the acquisition is held in stages, until no later than October 15, 2023. Kokatto is a provider of automated calling technology that is fast and effective in conveying business messages. This startup is led by Arsyah Rasyid.

4. Five Jack Co. Ltd

Five Jack Co. Ltd (FJ) was acquired by Bukalapak on April 30, 2021 through the issuance of new shares by FJ to FJ shareholders with a total share of 40,909 Series G shares. FJ is a company from South Korea that has a subsidiary in Indonesia, PT Five Jack (itemku). The aim of this acquisition is to expand the e-commerce business not limited to the game sector. As of September 30, 2021, Bukalapak owns 82,815 FJ shares or the equivalent of 100%.

5. PT Cloud Hosting Indonesia

Bukalapak acquired PT Cloud Hosting Indonesia for IDR 49.7 billion through the information technology infrastructure fixed assets transfer worth of IDR 53.3 billion. With this acquisition, Bukalapak obtained 486,531 shares of Cloud Hosting or equivalent to 13.35%.

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Original article is in Indonesian, translated by Kristin Siagian

FishLog Secures Seed Funding Led by Insignia Ventures Partners

B2B fish marketplace platform “FishLog” announced its seed funding round. This funding was led by Insignia Ventures Partners, however, the total value received was not further stated.

Participated also in this round, Arise, KK Fund, Ango Ventures, a startup from India called Captain Fresh, and several angel investors, including Kopi Kenangan’s Co-founder & CEO, Edward Tirtanata, AwanTunai’s Co-founder Windy Natriavi, Shipper’s CMO Jessica Hendrawidjaja, and several other names.

The company plans to use the fresh money to expand the digital products ecosystem and fisheries services in Indonesia, scale-up regional networks across the country, making it possible for new partners to join the ecosystem, also to build-up teams and capabilities. FishLog had participated in several competitions and acceleration programs, including DSLunchpad ULTRA.

“Through Fishlog, we are building an inbound market driver for all fisheries stakeholders in Indonesia, streamlining their supply chain processes to be more efficient and transparent in a more sustainable way,” the Co-Founder & CEO, Bayu Anggara said.

Similar to other logistics services, such as Ritase to Shipper, FishLog wants to focus on middle-chain logistics. Currently, FishLog has joined partnerships with 25+ supply side savers in coastal areas. The company has served 10+ cities, from Aceh to Papua. There are around 100 fishermen who claim to have been helped by the services offered by FishLog.

Fishery supply chain solution

While some startups already developed solutions that focused on the fisherman or the farmer side of the supply chain, Fishlog wants to bring technology into the fisheries supply chain, providing a robust distribution channel for fishermen, and easy access for B2B to get real-time fish availability.

FishLog is present in terms of logistics and supports the fishery supply chain in Indonesia. The platform is also equipped with applications that can help partners to record warehouse operations, access raw materials, and market access. Since implementing this model, FishLog has increased revenue nearly 20-fold year over year in addition to this unique approach to Indonesia’s fragmented supply chain.

They have also provided digital solutions for cold storage warehouses to increase their utility by connecting with more suppliers and buyers, also enabling these suppliers to have easier access to goods.

“With the on-site experience and local network of the founding team, the momentum is just right since its launching, and with its focus on digitizing cold storage distribution, Fishlog is well positioned to take the lead in addressing longstanding inefficiencies in the Indonesian fishing industry,” Insignia Ventures’ Founding Managing Partner, Yinglan Tan said.

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Original article is in Indonesian, translated by Kristin Siagian

DELOS Announces Additional Funding of 115 Billion Rupiah Led by Centauri Fund and Alpha JWC Ventures

Post securing early-stage funding led by the Arise Fund, aquatech startup DELOS announced an additional investment of $8 million, equivalent to 115 billion Rupiah. This round was led by the Centauri Fund and Alpha JWC Ventures. Both Centauri and Arise are funds under MDI Ventures management.

Other investors involved in this funding are Number Capital, Arise, iSeed SEA, Irvan Kolonas, as well as Alto Partners Multi-Family Office, Mahanusa Capital, Kopi Kenangan’s Founder, James Prananto, and a number of advanced strategic investors.

The company plans to use the funds to accelerate the on-boarding process of its farm-based clients. In addition, they continue to build and scale-up its main products AquaHero, AquaLink, and AquaBank to accelerate the growth of Indonesian aquaculture.

“We want to encourage Indonesia to realize and take advantage of its vast marine potential, setting it as major and sustainable national economic driver in the near future,” said DELOS Co-founder Guntur Mallarangeng.

Within months of operations following the early-stage funding round, DELOS has been working on developing its flagship product line. AquaHero, which is a complete agricultural productivity system combining scientific, technological and operational expertise was developed to increase agricultural yields. AquaHero products use high-end data collection methods and biological models to predict and reduce crop risk. This model will be applied to thousands of shrimp ponds in the DELOS ecosystem throughout Indonesia.

“DELOS comes with real, data-driven solutions to the everyday problems faced by shrimp farmers, and early traction has proven its effectiveness in optimizing farm operations and significantly growing output. With the expertise and network of its founders, we are confident DELOS can lead the aquaculture revolution in Indonesia,” Alpha JWC Ventures’ Partner, Eko Kurniadi said.

Meanwhile, Centauri Fund’s Managing Partner, Kenneth Li, said that agriculture is one of Indonesia’s grassroots industries that contributes significantly to national GDP. In this regard, the shrimp industry in Indonesia is also one of the largest in the world and the largest contributor to the Indonesian fishery industry as a whole.

“DELOS is capable of producing a staggering output yield of 2-3x the industry average. It also capable to solve this problem by implementing modern and standardized production methods and providing scalable supply chain solutions,” he added.

Business Growth

Since November 2021, the company has been actively on-boarding 100 hectares of intensive and super intensive shrimp ponds, with a backlog demand of more than 600 hectares in the company’s pipeline. This year, the company will continue to strengthen and expand AquaHero’s product range, accuracy, features and clients, by increasing farm productivity and profitability, thereby adding value to the industry. The company is targeting around 200 hectares to be managed this year.

DELOS claims to have helped its clients multiply their results through an app from AquaHero. This has resulted in the client base’s agricultural output continuing to outperform the Indonesian shrimp farming industry, producing an average of 10-15 tons/ha/cycle.

Supporting DELOS’ long-term goals, the company later established the DELOS Maritime Institute (DMI) in Yogyakarta. The Institute will become a training center for the development of specialized aquaculture talent, with a world-class curriculum and on-site practical training, to cultivate a new generation of farm managers, technicians, lab assistants and field operators. In addition, this activity will also support research and development of the latest technology in cultivation technology, such as: early detection and prevention of disease and livestock supporting infrastructure.

“The feedback of DELOS in the aquaculture industry has been very positive, with client acquisitions beyond the team’s ability to get into the farm,” Guntur said.

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Original article is in Indonesian, translated by Kristin Siagian