iSeller Closes 179 Billion Rupiah Series B Funding Led by Intudo Ventures

Service developer startup point of sale "iSeller" announced it has completed a $12 million (over 179 billion Rupiah) Series B round led by Intudo Ventures. Beacon Venture Capital, participated in this round together with previous investors, namely Mandiri Capital Indonesia and Openspace Ventures.

iSeller will leverage fresh funds to release new versions of its flagship products focused on improving user experience, performance and faster reliability.

Previous, pre-series B round was announced in October 2021 of IDR 120 billion from AppWorks and Openspace Ventures.

In an official statement delivered today (26/1), Founder & CEO of iSeller Jimmy Petrus said, the company has experienced extraordinary growth over the past few years due to the huge demand from MSMEs and businesses. online. They need a solution omnichannel, from stock management and marketing, to payments and accounting to improve operational efficiency and facilitate business growth.

“In doing so, our solutions not only help businesses streamline daily operations, but provide business growth upside down for long-term success. We are grateful for the support from new and existing investors, and look forward to building new products and services to help drive the digital transformation of the Indonesian economy," he said.

Intudo Ventures Founding Partner Patrick Yip added, Indonesia's trader ecosystem has historically experienced fragmentation and inefficient processes. By leveraging digital transformation merchants, iSeller has experienced tremendous growth over the past few years, leveraging the team's expertise in SaaS, technology omnichannel, and integrated payments for the Indonesian market.

In the POS service market, iSeller is currently dealing with a number of competitors, such as Majoo, Moka, Qasir, Youtap, and several others. majoo himself just announced series A funding of 149 billion Rupiah in August 2022.

iSeller Development

The company that labels its position as "Shopify of Indonesia" offers solution all-in-one make business in digitizing sales and operations, including POS, digital payment acceptance, inventory management, instant online shop, marketplace integration, and food delivery integration.

Claimed over the past two years, iSeller has more than quadrupled acquisitions and merchant revenue, while gross transaction volume (GTV) increased fivefold to over $600 million. The company saw a nearly 15-fold increase in the use of marketplace integration features in the iSeller ecosystem, and a 4-fold increase in the adoption of online store channels.

To support this dramatic growth, iSeller has strengthened its customer experience team with over 100 new employees over the past 10 months. Currently, iSeller is the only selling platform based omnichannel which is fully integrated with four marketplace the largest in Indonesia—namely Tokopedia, Shopee, Lazada, and Blibli.

Then, over the past year, the company grew rapidly as it gained significant traction in merchant adoption and payment processing. The solution has been utilized by merchant spread across 30 cities across Indonesia and trusted by more than 100.000 businesses, including companies such as SOGO, OMNILUXE, Jiwa Group, GK Hebat Group, Agung Sedayu Group, Damn! I Love Indonesia, Sinarmas, IT Gallery, Es Teler 77, HopHop, Lemonilo, and Peripera, among many others.

Petrus continued, to better serve merchants, iSeller has established a national-level partnership with Bank Mandiri Indonesia. Under the agreement, Bank Mandiri adopted iSeller as the official POS platform for all merchants in the Mandiri Merchant Livin program, which covers more than three million businesses.

As part of the financing, iSeller also completed the acquisition of YUKK—a PJSP-licensed payment gateway, to further expand the company's payment services for greater financial inclusion.

Mandiri Capital Indonesia Chief Investment Officer Dennis Pratisha said, iSeller is at the forefront of a POS-based platform omnichannel in Indonesia for online and offline traders. According to him, the retail sector has faced many challenges in recent years, so a system like iSeller is needed to not only help businesses improve operational efficiency, but also provide growth for long-term success.

"We are very pleased with iSeller's impact especially with the Merchant Livin Mandiri Program which includes three million businesses and have full confidence in iSeller's leadership, and their future trajectory," said Dennis.

Jimmy closed, the company's target going forward, he is aiming to achieve a profitability point in the next three years by focusing on expanding reach through strategic partners, acquisition efficiency, and increasing customer lifetime value (CLTV) through more comprehensive and integrated merchant value added services.