Getstok Reportedly Received 154 Billion Rupiah Funding, Still in "Stealth" Mode Working on B2B Commerce Platform

B2B market size trade in Indonesia has reached $6,99 billion in 2018. And is projected to continue to grow to $21,33 billion by 2023 with a CAGR of 25%, according to research by Reogma. Interestingly, in this market, the need for digital platforms to meet business needs is growing rapidly, even at the MSME level.

One of the value propositions offered is a procurement process that follows company policy through: e-procurement. In some business models, they have also succeeded in providing more efficient supply-chain processes, thus making prices more affordable. Even some platforms B2B commerce bypass the process, by connecting directly the principal and/or owner brand with trading partners.

Seeing this potential, getstock excited to be present as a B2B platform trade with a mission to digitize business partners through digital innovation. There is not much information that can be obtained, including the targeted market segment, because the startup founded by Arnold Pramudita is currently in "Stealth" mode.

Arnold himself previously worked for 7 years at Traveloka, most recently serving as Traveloka's VP of Product. He also worked for the retail company P&G.

Even though it has not yet been launched to the public, Getstok is reported to have received series A funding of up to $10,7 million or the equivalent of 154 billion Rupiah, with East Ventures and Traveloka as the main investors. It also said the valuation was estimated to have reached $30 million. This is based on data that has been input to the regulator.

The OTA unicorn entered this funding through Jet Tech Innovation Ventures, a venture capital unit owned by Traveloka and based in Singapore. Through Jet Tech, Traveloka previously also invested in a number of startups, including Member.id and PouchNATION.

B2B service coverage trade

One thing that makes B2B trade unique is the service e-procurement, enabling businesses to plan and carry out procurement in accordance with existing policies. This includes managing payment terms, tax invoices, and so on. Concepts like this are usually applied to reach corporate and government (B2G) clients. A number of players in this segment such as Bhinneka and Mbiz.

Meanwhile, for smaller procurement models such as for MSMEs, the process is much simpler. Players like Ula or Warung Pintar take advantage mobile app to present a marketplace which makes it easier for shop owners to get stock of goods. Logistics and warehouse systems are the key to fast distribution.