1. Startups

MDI, SMDV, and East Ventures Reportedly Provide Further Funding to Legit Group

Continuing to raise $3 million in seed funding at the end of 2021

Local F&B company Legit Group reportedly pocketed funding involving MDI Ventures, SMDV and East Ventures. Based on the latest information reported to regulators, this follow-up fundraising has raised $10,35 million or around 155 billion Rupiah.

Previously at the end of 2021, Legit Group had earned early stage funding of $3 million (worth IDR 43 billion) led by East Ventures with participation from AC Ventures.

We have tried to ask related parties for confirmation regarding this funding, but are not willing to comment.

Legit Group is the drafter and operator multi-brand cloud kitchen which was founded by Sumarno Ngadiman, Monica Evanti, and Asrul Abraham Hendrata. The company has also established strategic partnerships with Ismaya Group, Yummy Corp and GK Hebat.

Currently, Legit Group operates three brand, namely Pastaria, Sei'Tan, and Juju Chikin which have spread across 45 distribution points. They designed their business by utilizing delivery solutions, which are getting big opportunities during this pandemic.

Taking advantage of this moment, Legit Group believes the trend of adopting food delivery services will continue until the pandemic is over. Legit Group sales have grown 9,5x since its inception, and saw a 61% increase in revenue from June to July 2022 alone.

Business cloud kitchen

Recorded in the report summarized by e-Conomy 2020, the transportation and food delivery industry will be worth $16 billion (GMV) by 2025, from $5 billion in 2020. The main engine of the digital economy in the country is still dominated by commerce via e-commerce platforms which is projected to be worth $83 billion.

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Specifically the concept cloud kitchen is using a commercial kitchen for the purpose of preparing food for delivery or takeaway only, with no customers eating in. Cloudkitchen enabling restaurateurs to expand the number of existing restaurants or start a virtual brand with minimal costs.

With concept cloud kitchen, business operating costs are low. As there is no need for dine-in arrangements, you can save money on seating, interior maintenance/design and more. This concept is interesting to be applied in Indonesia. Multiple players cloud kitchen which still exist today include Yummy Corp, Hangry, GrabKitchen, DishServe, Dailybox, and others.

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