Sirclo Reportedly Received Additional Funding Of 213 Billion Rupiah

Service developer startup e-commerce enablers Sirclo reportedly booked an additional funding round of $15 million or the equivalent of IDR 213,6 billion. A number of investors participated in this investment, including East Ventures, SMDV, OCBC NISP Ventura, and several others.

Although Sirco has not yet commented on this news, to DailySocial.id a source involved confirmed the information.

Previously, there was news circulating in May 2021 regarding Series B+ Sirclo pendanaan funding worth $45 million from the investors mentioned above. At that time the Managing Partner of East Ventures Willson Cuaca conveyed that the information was actually part of Sirclo's acquisition of Orami. "Let's say it's a part of acquisition process," he said

Referring to Willson's statement, it can be said that in this acquisition process, investors from Orami made top up. Even East Ventures also joins top up to Sirclo. In our analysis, this latest round is also part of this strategic action.

Sirclo series B funding itself was officially announced in August 2020 at $6 million, with the involvement of East Ventures, OCBC NISP Ventura, Skystar Capital, and Sinar Mas Land.

Serious MSME market

So far Sirclo has served more than 100 thousand brand from various cities in Indonesia with the four main services they have. To increase their reach, this year they are starting to steadily reach the MSME segment with Sirclo Store products (webstore) and Swift (omnichannel); previously they focused on helping brand large numbers enter distribution channels online and apply technology omnichannel in the system.

For their initial debut, they promoted the program MerdekaSalesOnline. Apart from implementing Sirclo's technology, they also help with the education and initial adoption process through specially provided facilitators.

In a report entitled "Tech Logistics in SEA” explained the platform ecosystem that helps business people do it on-boarding di online marketplace. Each has specialization and advantages in certain segments. Sirclo itself has the main strength in SaaS products, to enable business people to manage and create stores onlinehis own.

With the potential for GMV to continue to grow from E-commerce, player enablers also views this as a business opportunity in itself. Apart from Sirclo, currently local players are helping businesses to go-online including iSeller, PowerCommerce, Jet Commerce, 8commerce, Tokotalk, GudangAda, JarvisStore, Genie, and others.