Wahyoo Announces Series A Funding of 73 Billion Rupiah, Led by Intudo Ventures

Wahyoo today (05/8) announced the closing of its series A funding of $5 million or equivalent to 73,2 billion Rupiah. Led funding round Intudo Ventures with the involvement of Kinesys Group, Amatil X (Coca-Cola Amatil), Arkblu Capital, Indogen Capital, Selera Kapital, Gratyo Universal Indonesia, and Isenta Hioe.

In his official statement, he said, the investment funds will be focused on accelerating market expansion and recruiting new employees. Since its establishment in 2017, Wahyoo already reached 13.500 shop partner eat in the Jadetabek area. The Whayoo platform focuses on digitizing services and improving business operations.

More specifically Wahyoo help conventional food stall owners through digital platforms to attract customers, improve marketing, implement loyalty programs, order and receive food ingredients, manage financial flows, and provide training (Akademi Wahyoo). These food stall partners can also earn additional income through advertising and brand partnerships with Wahyoo.

"With this new funding, we plan to expand operations to other cities outside the Jabodetabek area; and add new employees, especially for our technology and product units. We will continue to add new features and services to meet the needs of food stall owners, especially improve supply chain systems and financial products," said Founder & CEO Wahyoo Peter Shearer.

"SMEs are one of the main engines of economic growth in Indonesia and are being transformed through new innovative businesses such as Wahyoo. With digitalization efforts, Wahyoo which has a segment for food stall owners, we believe it can create a positive economic and social impact for the Indonesian working class," said Patrick Yip, Founding Partner of Intudo Ventures.

Meanwhile, Coca-Cola Amatil Indonesia President Director Kadir Gunduz added, "Our partnership with Wahyoo will help SMEs overcome digital barriers and spur growth in the industry E-commerce Indonesia. We are proud to partner with Wahyoo to help digitize the warung market."

Previously in the middle of 2019, Wahyoo have got initial funding with an unspecified value. Some of the investors involved include Agaeti Ventures, Chapter 1 Ventures, Kinesys Group, SMDV, East Ventures, and Rentracks.

Aggressive adoption of services also makes business Wahyoo grow fast. Beginning of 2020, they reportedly acquired Address.com, i.e. platform online which provides solutions to help consumers find service and lifestyle shops. The two founders of Address.com are currently assisting Peter in the company's management, namely Daniel Cahyadi as COO and Michael Diharja as CTO.

Recently, Wahyoo also launch Subscribe.co.id, as a platform online which makes it easier for people in residential areas to shop for basic necessities easily. Already operating since June 2020, the platform has started serving users in residential or apartment areas, such as Green Lake City, Alam Sutera, Cipondih, Taman Royal, Banjar Wijaya, Modernland, Gading Serpong, Karawaci, Metro Permata, Ciledug, Puri, to PIK.

The shop's transformation continues to receive support

Recently, startups that are trying to democratize the warung business (with various characteristics) continue to get great support. If Wahyoo choose focus on warteg aka food stalls, mostly focus on grocery stalls (selling daily necessities). The average form of transformation is also the same, making it easier for traders to get stock, capital, to enable them to present financial products for their users.

Call it Ula, their new startup debut this year pocketed funds of $ 10 million from a number of investors. His mission is to streamline FMCG supply chain in the stalls. There is also Payfazz which chooses to focus on providing financial services to shop owners, enabling the shop to serve fund transfer transactions, withdraw funds, loans, and purchase digital products. And many other players.

Warung is a culture that is attached to the Indonesian people, retail transactions rotate rapidly every day and warungs are the economic component closest to the community with the widest distribution. This condition makes warungs as ideal channels to launch various businesses – reaching all walks of life; in addition to providing added value for business actors who drive their business.