Dailybox Completes Series B Funding Worth 355 Billion Rupiah

After pocketing series A pendanaan funding year 2021 ago, restaurant platform online Multi-brand Dailybox has announced a series B funding of $24 million or around 355 billion Rupiah. This round was led by Northstar Group and Vertex Growth. Also participating are Vertex Ventures SEA & India and Kinesys Group.

The company will use the fresh funds to expand nationally, develop technology, and increase brand New F&B.

Since getting the initial funding, the company claims to have experienced growth revenue up to 16x. They also have three brand , including Dailybox, Shirato, and BreadLife --- brand which they acquired at the end of 2021.

Dailybox currently operates more than 150 o in more than 20 cities throughout Indonesia. Furthermore, the expansion of the area coverage will be focused on the second and third tier cities.

“Our strategic expansion plans in non-metropolitan cities will also create many jobs to support the local economy and consumers while strengthening our presence nationally,” said Dailybox Group Co-founder Kelvin Subowo.

During the pandemic, Dailybox Group recorded a transaction increase of more than 100x, driven by the establishment of a food delivery platform and changes in consumer behavior.

"The Dailybox Group has grown significantly in the last two years amid the pandemic while maintaining an attractive unit economy. We are impressed with Kelvin and his team and look forward to working together to drive growth," said Northstar Group Chief Investment Officer Wong Chee-Yann. .

As a restaurant platform multi-brand online, Dailybox always strives to focus on achieving profit. Even though they had experienced obstacles at the beginning of the 2020 pandemic, they were able to survive as early adopter of cloud kitchen in Indonesia.

According to VVSEAI Managing Partner Chua Joo Hock, Dailybox Group is an example of a startup that has managed to balance growth and profitability. From a single brand with a limited footprint, Dailybox has doubled its revenue and transformed into a collaborative platform in the midst of a pandemic.

"The Dailybox Group has developed a formula to bring Indonesia's best local cuisine to a wider consumer community from Sumatra to Papua. Through close collaboration with leading chefs, they have re-created favorite foods from various regions of Indonesia, making them accessible while maintaining their authentic flavours. We are very impressed with what the team has achieved and look forward to working with the Dailybox Group," said Vertex Growth Managing Director Tam Hock Chuan.

Throughout the second quarter, we noted that a number of startups in the F&B sector received investor funding. They are Haus!, Ismaya, Mangokku, Flash Coffee, Green Label, and Hangry.