1. Startups

Sayurbox Announces Series C Funding Worth 1,7 Trillion Rupiah

This round was led by Northstar and Alpha JWC Ventures, with participation from IFC and a number of investors in the previous round

Sayurbox announced that it has secured series C funding of $120 million or equivalent to IDR 1,7 trillion. This investment round was led by Northstar and Alpha JWC Ventures, with participation from the International Finance Corporation (IFC). Previous investors were involved, including Astra, Syngenta Group Ventures, Global Brain, and several other investors.

Series C funding was obtained less than a year after Series B funding $15 million led by Astra. These gains further strengthen the company in the ranks of centaur with an estimated valuation of around $200 million-$400 million.

The fresh funds raised will be used to accelerate the penetration of Sayurbox services in new cities such as Bandung and several other cities, as well as expand the supply chain. end-to-end Vegetable box nationwide.

Sayurbox said it has experienced exponential growth through product additions, expansion of area coverage from Jabodetabek to Surabaya and Bali, as well as building a network of micro warehouses for fast service. (quick commerce) Sayurbox and SayurKlat.

"Sayurbox was founded with a social mission to provide market access to local farmers through digitizing the Indonesian agricultural supply chain. The system and ecosystem we developed allows us to have full visibility of the entire agricultural supply chain, providing the best experience for customers in terms of product selection, freshness, price, and on time delivery," said Sayurbox Co-Founder & CEO Amanda Susanti.

Established in 2017, Sayurbox now provides more than 5.000 agricultural products, meat and fish, as well as processed food, with delivery coverage in Greater Jakarta, Surabaya and Bali. Sayurbox currently serves around 1 million customers and works with more than 10.000 farmers throughout Indonesia.

Online grocery in Indonesia

Sayurbox has also started a quick commerce business model / Sayurbox

Services online groceries become one of the rapidly growing business models during the pandemic. The limited mobility of the community makes them look for alternatives to fulfill their basic daily needs. Nevertheless, in order to win market share online groceries not an easy matter. The challenges range from providing infrastructure, supply chain systems, to increasingly fierce competition – both with new entrants and previous retail giants.

“Developing in the sector online groceries is not an easy task, given the huge operational and logistical risks, as well as the diversity of consumer behavior. However, Sayurbox has found the key and solution to overcome this challenge and has succeeded in growing rapidly and sustainably. Sayurbox has now become a world-class company, not inferior to startups online groceries other leaders in the world, with operations that allow them to deliver fresh produce from farmers to consumers in just 12 hours,” said Alpha JWC Ventures Partner Eko Kurniadi.

Throughout 2022, the industry online grocrey in Indonesia is becoming more interesting to note. last January, Vegetable Shop just announced a fresh fund of 50 billion Rupiah and established itself as part of the Triputra Group. Followed by CT Corp and Bukalapak who launched AlloFresh -- affiliated with Transmart retail business. Astro and Bananas also book funding for deeper penetration of services quick commerce they. Finally Traveloka introduces a similar feature online groceries as part of the lifestyle super app.

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According to a study conducted by LEK Consulting, services online groceries in Indonesia the market value has reached $1 billion in 2021, it is projected to grow rapidly to $6 billion by 2025.

This huge potential value is also seen by local technology giants as an opportunity. For example, Blibli did this by acquiring the parent Ranch Market to strengthen the penetration of fresh food products. GoTo previously acquired a 6,74% stake in the retail network Hypermart to strengthen its strategy omnichannel in basic needs. Finally, Traveloka has started to introduce similar features online groceries in the application.

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