Evermos Books IDR 584 Billion in Funding, Strengthens Presence in Tier-2 and 3 Cities

After pocketing series B funding worth $30 million in 2021, startup social commerce Evermos has again completed series C funding worth $39 million or the equivalent of 584 billion Rupiah. This funding round was led by the International Finance Corporation (IFC).

Other investors involved include Jungle Ventures, Shunwei Capital, UOB Venture Management, and Telkomsel Innovation Partners. The funding round also includes new partner investors such as SWC Global, Endeavor Catalyst and Uni-President Asset Holdings.

Furthermore, Evermos will use fresh funds to strengthen the network reseller by deepening penetration in Java and expanding to Sumatra, in order to accelerate brand reach more cities tier 2 day tier 3.

Empowering the reseller

Apart from developing a network resellerits, Evermos will continue to empower retailers' skills to expand their customers through digital advertising. The company recorded 18x higher sales for reseller who take advantage of digital tools, compared to those that rely on private networks alone. Evermos plans to also implement technology supported by AI.

"We remain true to our commitment to support brand local from day one. In the process of solving the logistics problems faced brand Indonesia due to the country's unique geographic and economic challenges, we are aware brand face various challenges in addition to distribution. "Therefore, we will continue to utilize innovation to connect local brands and customers in lower-tier cities more efficiently," said Co-founder & CEO of Evermos Ghufron Mustaqim.

He added, this achievement reflects the confidence of Evermos investors in carrying out their mission and dedication to empowering communities, by providing a sustainable and flexible source of income through a connected distribution network and services. trade Evermos.

Since its inception, they have been committed to overcoming logistical challenges, with the aim of ensuring fair opportunities for all Indonesians, regardless of geographic location, income level or gender.

This includes establishing direct relationships with local brands to bring them closer to consumers and offering comprehensive solutions for each brand's specific trading needs. By joining the Evermos ecosystem, brand can utilize 500 cities.

Founded in November 2018 by Ghufron Mustaqim, Arip Tirta, Iqbal Muslimin, and Ilham Taufiq, Evermos claims to have experienced very rapid growth. Since the pandemic, their business has shown GMV growth of 17x from the 2020 to 2022 financial year. It was recorded at 160 thousand reseller who carry out transactions every month as of January 2023.

The products provided are mostly Muslim fashion commodities, halal health/beauty products, food and drinks, etc. -- most of which prioritize products with a halal nuance. However, Ghufron emphasized that there is also a fashion category, home & living, herbs & health. Making their products inclusive for all.

"Our investment in Evermos will not only drive shared prosperity, financial and digital inclusion, but will also make a significant contribution to advancing Indonesia's rapidly growing digital economy," said IFC Country Manager for Indonesia and Timor-Leste, Randall Riopelle.