1. Startups

Esensi Solusi Buana Announces Series A Funding of 43,2 Billion Rupiah

Beenext-led funding with participation from AC Ventures, Skystar Capital, Selera Kapital, and Innovation Partners

The Essence of Global Solutions (ESB) today (15/3) announced the acquisition of series A funding of $3 million or 43,2 billion Rupiah. The investment was led by Beenext with the participation of Skystar Capital, Selera Kapital, Innovation Partners, and investors in the previous round, namely AC Ventures.

Funds raised will be focused on feature and technology development, including deepening partnerships with restaurants to create a more inclusive ecosystem. ESB itself provides a SaaS platform for digitizing the culinary business, which includes systems ordering, POS (Point of Sales), KDS (Kitchen Display System), CDS (Customer Display System), loyalty platform, and ERP.

In terms of market size, according to the research presented, the F&B business in Indonesia accounts for around $57 billion in annual revenue. The trend continues to grow along with the increasing number of middle class consumers. Unfortunately, the pandemic is enough to make the culinary business order fluctuate, affecting 80% of business people.

"We built ESB in 2018 to introduce automation and reduce costs for F&B outlets [...] Currently we are also helping clients improve their operations and build more resilient businesses during the pandemic," said ESB Co-Founder & CEO Gunawan Woen.

One of the popular features used is to allow culinary outlets to serve delivery. ESB also releases ordering app EZ Order good for partner merchant as well as the driver.

"After previously investing in Moka (acquired by Gojek), we are excited about a platform that has the potential to revolutionize the way merchants and vendors operate. ESB's data-driven and hardware-agnostic approach enables the platform to solve pressing problems for today's merchants [...] The current round will enable ESBs to accelerate their growth and capture more contiguous opportunities in the F&B market," said Managing Partner AC Ventures Adrian Li.

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Previously in a joint interview DailySocial, Gunawan said, restaurants will lose revenue starting from 10% (and even more) due to inefficiency. Therefore, there are three aspects that need to be improved, namely management orders & outlets, HQ & operational management, and management purchases & vendors. This solution can be solved if using technology.

Apart from ESB, there are several other digital platforms that also serve a similar market share. Mass DigiResto developed by MCAS, also recently received investment from logistics company SiCepat. With a concept that is more integrated with cloud kitchen, decacorn Gojek and Grab also has special services to democratize culinary merchant business processes, namely through the GoBiz application and GrabMerchant.

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