1. Startups

East Ventures, SMDV, and a number of investors are reportedly providing funding to PasarNow again

From the latest fundraising that has been reported to the regulator, the value raised in this round is IDR 17,4 billion

Startups online groceriesPasarNow reportedly received additional funding for the series A round from previous investors including East Ventures, SMDV, Prasetia Dwidharma, January Capital, and Skystar Capital.

According to data submitted to the regulator, as quoted by Alternative.pe, the value is around $1 million or the equivalent of IDR 17,4 billion. With this funding, East Ventures now holds a majority stake in the company (50%+).

We tried to confirm with the relevant parties regarding this funding, but until this news was published we had not received a response.

September 2021, PasarNow announced $3,3 million in seed funding led by East Ventures. This funding also marks corporate action in the form of rebranding and pivot business model, from previous platforms social commerce EraNow becomes online groceries PasarNow.

This startup was founded in 2019 by James Rijanto, Donald Wono, and Cindy Ozzie. With the new business model, their main focus is simplifying the supply chain in the fresh food sector and offering quality fresh food products to customers through the platform multi-channel. This approach allows them to embrace both B2B and B2C sectors at once.

In 2022, Pasarnow reportedly received further funding of $9,5 million led by East Ventures. At that time, according to regulatory data, funding had increased the company's valuation to $56 million. The company also opened a new market in the West Java area after previously serving users around Jabodetabek.

Checking the application again, currently PasarNow is only available in the Jabodetabek market. The application (on the Android platform) also looks underutilized --- even though users can use their services through it mobile web.

Services online groceries which serves fresh products is indeed experiencing challenges in market penetration. Not only PasarNow, a number of players are now starting to decline after previously experiencing the pandemic growth moncer.

PasarNow competes directly with a number of local players, including Sayurbox, Titipku, Segari, and several others.

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