Shox Reportedly Received 79 Billion Rupiah Funding, Presents Social Commerce Platform for Home Needs

Platform developer Shox reported to have received funding worth $5,5 million or equivalent to 79 billion Rupiah in the series A round. Ephesus United, AC Ventures, Teja Ventures, SGInnovate, Partech, and a number of investors participated in this investment.

Funding data has been inputted to the regulator. DailySocial.id have also tried to ask for information about the investment news to related parties, but until this article was published there had not been a response.

This startup was founded by Sonat Yalcinkaya (Kaya) and Vyani. Rich himself previously experienced in holding a business E-commerce for brand big like Philips and Midea. While Vyani is known as co-founder from the logistics startup Pakde which has Shipper acquired last year 2020.

In fact, Shox has been operating since 2019 and currently has tens of thousands of application users. Shox's service focus is on users in rural areas, targeting the population unbankable.

Home Shox is currently transformed into an application to fulfill home needs -- starting from kitchen equipment, electronic equipment, and so on. Concept social commerce, this platform also allows its users to earn income through entrepreneurship through the partnership/community program in it with the social gathering feature in the application.

Evolution of Soyaka AI

Previously Kaya was also known as founder from startup Soyaka AI -- platform developer social commerce based on artificial intelligence. Soyaka's site and team are currently diverted to fully work on Home Shox. Even though backend, Shox also took advantage engine from the Soyaka platform.

Sayoka's AI capabilities allow Shox to have several superior features, for example using scanned photos or images to find products; then come up with ideas and product inspiration according to existing trends.

Home Shox is growing quite rapidly, until this article was published on LinkedIn they already have around 150 employees. Part of the team is headquartered in Yogyakarta.

From that article Kaya published it in 2021, Shox is said to have reached users in more than 5000 villages in various regions. By analyzing existing purchasing trends, their team also helped build one credit scoring system, to then be used as capital to create a comprehensive digital banking and payments ecosystem.

It is also said that with the current business model, the cost of customer acquisition is much cheaper compared to the concept E-commerce in general. "CAC (customer acquisition costs) we in these rural communities are 10 times cheaper than existing players. And these customers stick around because they see true value," he wrote.

For logistical efficiency, Shox is also more focused on serving wholesale purchases (usually on a per RT scale). Ordering in large quantities makes it easier for them to reduce logistics costs 5-10x cheaper. Even though it has to be taken to a location quite far from the city center. "Our average order value (AOV) currently exceeds $200, which is 5 to 10 times that of players social commerce others," said Kaya.