Otoklix Bags 143.5 Billion Rupiah Series A Funding
The funds was obtained from Alpha JWC Ventures, Surge, Prijono Sugiarto, and Steve Chen
After receiving $2 million seed funding or equivalent to 28 billion Rupiah in late 2020, the online-to-offline solution platform that digitizes the automotive aftermarket industry in Indonesia, Otoklix, has received another series A funding worth of $10 million or equivalent to 143.5 billion Rupiah.
This round was led by Alpha JWC Ventures and AC Ventures. The previous investors, including Surge (Sequoia Capital India), Astra International's Ex-CEO, Prijono Sugiarto, YouTube's Co-founder and Google's Executives at XA Network, Steve Chen also participated in this funding.
The company will use the fresh funding to improve touchpoint technology by managing flagship workshops with the O2O concept throughout Indonesia.
Otoklix' Co-founder & CEO, Martin Suryohusodo revealed to DailySocial that his team is trying to build an automotive ecosystem, not just as a platform. Therefore, Otoklix can provide an O2O Managed Flagship Workshop which is required as a customer experience guarantee.
"After we build a flagship workshop ecosystem with expected customer experience, that is the beginning for us to start using the ecosystem to expand to other adjacent markets. In every business, anyone with an ecosystem will become a market champion. That's why Indomaret cannot be replaced until now," Martin said.
In the past year, Otoklix claims to have grown from 100 to more than 1,900 partner workshops, providing services to more than 100,000 customers annually.
"Through an all-in-one application and an integrated ecosystem of manufacturers, distributors, retailers, and workshops, Otoklix provides answers to customers' and workshops' challenges at the same time. We are excited to join the Otoklix team to build the best company and product for the market," Alpha JWC Ventures' Co-founder & General Partner, Jeffrey Joe said.
Business in time of pandemic
Founded in 2019, Otoklix bridges the gap between automotive vehicle owners and Indonesia's fragmented independent auto repair sector. They are trying to transform the vehicle maintenance experience for consumers and equip workshops with business software solutions and procurement savings. With the current business growth, Otoklix has the potential to become the largest after-sales service network in Indonesia.
During the pandemic, the automotive industry was one of the most affected markets. With reduced mobility, which resulted in many workshop closures during PPKM.
"To date, we have not only recovered business growth, we have grown even bigger. Our revenue has increased by 5x in November 2021 compared to November 2020," Martin said.
He also said that due to the rapid recovery of the automotive industry, Otoklix aimed to grew even faster. Also, focus on strengthening the core. Therefore, in the first and second quarters of 2022 the company will focus on being top of mind in car maintenance. This will be Otoklix's strategy playbook for penetration into other markets outside Jabodetabek.
"In 2022, we will develop from a platform to become a consumer brand. In 2022, we will establish Otoklix flagship workshop, launch private label products, seamless experience using technology for all consumers in all major cities in Java island," Martin said.
–Original article is in Indonesian, translated by Kristin Siagian