Jagofon Raises Additional Funding of 3,3 Billion Rupiah

After announcing the initial funding round of $150 thousand (2,3 billion Rupiah) in last March, platforms marketplace Jagofon's used cellphone again received additional funding of USD $ 223 thousand or more than Rp. 3,3 billion.

Jagofon Founder & CEO Stéphane Becquart wrote in his LinkedIn post that this funding came from both new and existing investors. It is not explained in detail who the new investors are involved in this latest funding.

"This funding will be used to develop new growth initiatives and expand strategic partnerships, as well as strengthen Jagofon's current operational team," Stéphane told the team DailySocial.id.

Their most recent funding came from Orbit Startups and US venture capitalist SOSV's early-stage startup development program.

Jagofon itself is claimed to be the first marketplace platform in Indonesia that focuses on used smartphones. The company has a mission to rebuild trust in the market smartphone used (preloved), providing high quality phones at affordable prices.

In a joint interview DailySocial.id last year, Stéphane also revealed that he would continue to add product categories outside smartphone such as tablets, PCs, SmartWatch, and accessories. "We will also speed up SEO and encourage Jagofon's presence in various markets channel, including on social media, while enhance our platform with new features and capabilities."

Used cell phone marketplace in Indonesia

In 2022, Ken Research released a report regarding the market smartphone used in Indonesia which is said to be growing at a CAGR of 8% in the period 2016-2021. This was driven by rising prices smartphone and consumer buying patterns.

The report also mentions that the market smartphone Indonesia is still very fragmented with many offline players. However, during the COVID pandemic there was a decline in sales figures because people were reluctant to leave their homes and all shops offline closed. During that period, many people bought used smartphones through online platforms.

This online platform adopts an inventory storage model or a consignment-based model. Players compete against each other on the basis of business models, value added services and brand values. Meanwhile, offline players are increasingly strengthening their presence on social media, especially on Facebook and Instagram.

Post COVID, an increase in the number of transactions through online platforms has been seen. The convenience of getting a used smartphone is ahead pintu from certified sellers and trusted marketplaces, has resulted in an increase in the share of online platforms in the market size of the used smartphone industry in Indonesia.

According to a Ken Research report, the market smarphone former Indonesia is expected to grow at a CAGR of 9% between 2022-2026. Market online (online) dominates this market with a large market share. Companies that have a strong offline presence, do their marketing through their own social media platforms or websites.

Apart from Jagofon, several e-commerce players such as Tokopedia, Shopee, Lazada and Bukalapak also facilitate the sale of used cell phones on their platforms. For offline players (offline). such as erafone, Point 2000, and Sentra Ponsel also have their own market, and have strengthened their presence in the online.