1. Startups

Metrodata Enters as Sayurbox Investor for Next Round

This is a prelude to the Bridge Round stage

PT Metrodata Electronics Tbk (IDX: MTDL) has signed an investment agreement with Sayurbox. As disclosed through the disclosure, Metrodata will provide funding of $500 thousand or the equivalent of 7 billion Rupiah; which is a preliminary investment in the Bridge Round stage at Sayurbox. Through the agreement, the company within a certain period of time will get share ownership in Sayurbox in accordance with the percentage of shares based on the calculations that have been regulated.

The Bridge Round concept is basically an investor's participation in a startup funding to welcome the closing of the next series. Generally, the distribution of new equity is delivered after the funding target in a certain series is met, adjusted according to the agreed formula and based on the value disbursed by each investor. In addition, in the agreement there is an agreed deadline regarding the closing of the next series.

Previously, another company, Astra Digital, part of Astra International, participated lead the round of series B Vegetable. Supported by a number of investors such as Syngenta Group Ventures, Global Brain Corporation, Ondine Capital, Strategic Year Holdings Ltd., and several other names that were not specifically mentioned.

Startup momentum online groceries

As is known, Sayurbox offers services online groceries to make it easier for people to buy their daily needs, especially related to food. This service seems to be gaining momentum amid various restrictions due to the pandemic. In the community, especially in urban areas, a new habit has begun to form to order various types of needs through applications.

This is evidenced by service traction online groceries which continues to increase. The Sayurbox application itself has now been downloaded by more than 1 million users; while the average site gets 500 thousand visits per month. In addition, during the pandemic period (March 2020 until now), investment interest in startups online groceries also observed to increase. From our records, there have been around 11 funding announcements, including:

PeriodStartupsInvestation
September 2021DropezyPre-Series A
August 2021PasarnowInitial Funding
August 2021FreshSerie A
July 2021HappyFreshD series
April 2021VegetableboxSeri B
March 2021DropezyInitial Funding
March 2021FreshInitial Funding
March 2021Eden FarmInitial Funding
August 2020Wahyoo (launched Subscription.co.id)Serie A
July 2020Wholesale togetherPre-Series A
March 2020ChilibeliSerie A

Another company, Alfamart/PT Sumber Alfaria Trijaya (IDX: AMRT), also joined the company Segari series A round, a startup that also presents applications online groceries.

Indonesia has great potential

Menurut study conducted by LEK Consulting, current value online groceries in Indonesia is around $1 billion, expected to jump to $6 billion by 2025 due to the impact of the pandemic. Although it is not as big as in some countries such as China or the United States, the researcher considers that Indonesia has all the talent for faster industrial development in the future.

One of the most fundamental things is a large consumer base. The research also highlights that Indonesian consumers spent $200 billion on food and beverage products in 2014 and 2019. This is far more than all other countries in the region.

The next homework is how to create an efficient supply chain to ensure the fulfillment of needs through online groceries. The reason is to maximize this potential, service developers must also expand to various cities in Indonesia. As is known, the geographical conditions here present a challenge for the logistics system -- especially to accommodate fresh ingredients that require a high level of accuracy.

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Another finding in research, throughout 2020 the purchase of basic necessities online has surpassed many other channels, including in modern retail and traditional markets. Especially now that popular services like online marketplace or super app also provide service online groceries as added value.

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