SIRCLO Reportedly Raises Series C Funding

Solution developer startup e-commerce enablers SIRCLO is reportedly raising new funding in a series C round. According to data from VentureCap Insight, currently Vertex Ventures has participated in the round by disbursing Rp. 10,4 million or the equivalent of 156,7 billion Rupiah.

When contacted, SIRCLO declined to comment on this new funding.

Previously SIRCLO has received series B funding in several rounds followed by a number of investors including East Ventures, OCBC NISP Ventura, Skystar Capital, Traveloka, and several others. The announced value reached 512 billion Rupiah with the main focus on increasing technological capabilities and accelerating retail digitalization for various businesses in Indonesia.

The company is pursuing long-term profitability and growth targets, including by means of operational efficiency. Towards the end of 2022, SIRCLO officially announced an 8% reduction in the total number of employees it had.

On the other hand, all existing business units also continue to be optimized by emphasizing the development of business lines e-commerce enablers serving corporate clients. One of the realizations was carried out with Bio Farma by developing a platform marketplace unified B2B named "Mediz".

However, the focus on MSMEs will also continue to be sharpened through the integrated solutions they have. Currently, SIRCLO has 4 main service lines, starting from SIRCLO Store, Swift, SRICLO Commerce, and ICUBE.

According to the data submitted on their website, currently they have served around 150 thousand brand and reach more than 25 million consumers through more than 80 distribution points. The solution is now also expanded thanks to its acquisition of Orami and Warung Pintar, one of which is by entering into a business model social commerce.

Business e-commerce enablers it is still gaining momentum along with rapid growth E-commerce in Indonesia which is projected to create an economic value of $95 billion in 2025. A number of players also fastened their headbands to win market momentum. One of them is Shipper who recently introduced Helloshop to complete the solution for SMEs. Previously, Shipper's focus was as a logistics service aggregator.

In May 2023, Power Commerce Asia also received pre-series B funding, with one of its main focuses on optimizing services PowerBiz sebagai one stop technology platform capable of meeting business needs omnichannel, B2B, B2C, and supply chain distribution management.

Business competition map e-commerce enablers Indeed, it has started to get busy five years ago, when digital channels became the main reference for many retailers to sell their products. It is not surprising that the existing players are continuously trying to improve their capabilities and expand their services to present a more convincing value proposition for users.