Kudo Raises Additional Funding to Reach Other Cities in Indonesia

Kudo, an O2O startup focused on building digital kiosks for online transaction payments, announced that it recently secured a seven-figure ($1-9 million) funding round from a group of investors led by GREE Ventures and East Ventures in just a short period of time. six months after they secure initial funding. 500 Startups and IMJ Investment Partners are also involved in this funding round.

Kudo's initial plan was to install 500 digital kiosks at various universities, shopping centers, and office buildings in the Greater Jakarta area. The digital kiosk functions as an electronic payment center aimed at helping those who do not have a credit card to make online transactions. Customers can easily use their cash to buy phone credits, tickets, or online game vouchers through the agent's guided digital kiosk.

Kudo plans to use this investment to expand its services to other cities in Indonesia, with enthusiasm for online shopping rising while credit card ownership rates remain relatively low. Agung Nugroho, Co-Founder and COO of Kudo, said in a release, “About 70% of our customers are first-time online transactions, and more than 40% of them make more than one transaction using our service. The market demand for our services is very clear, and now is the right time to expand our services.”

Albert Lucius, Co-Founder and CEO of Kudo, added, “We strongly believe that Kudo's social e-commerce model will truly take the Indonesian e-commerce segment to the next level. Kudo grows along with the development of e-commerce in Indonesia by making customers comfortable shopping online, even without the Internet.”

Kudo revealed that it handles more than 600 transactions per day in the three months of operation and targets to handle 8000 daily transactions in the next 3-6 months.

Regarding this funding, GREE Ventures Principal Kuan Hsu said, “This strategic investment will complement our growing portfolio in Indonesia. This funding will be used to scale up their successful pilot program which was launched early last December.”

Managing Partner of East Ventures Willson Cuaca commented, “The Kudo platform is unique and will probably only work in developing countries. Albert and Agung have shown determination to help the 81.4% of the Indonesian population who do not yet have a credit card. The opportunities in this segment are huge.”