Startup “E-commerce Membership” Cosmart Receives Initial Funding Of 76 Billion Rupiah

Startups e-commerce membership Cosmart announced an initial funding of $5 million (or approximately 76,3 billion Rupiah) from Lightspeed, East Ventures, Vertex Ventures Southeast Asia & Asia, followed by angel investors, Henry Hendrawan and Albert Lucius.

Cosmart's ambition is to provide an easy and inexpensive routine shopping experience, so that they can save from various aspects to focus on more important things.

The fresh funds will be used to strengthen technology and infrastructure, build strong teams and partnerships with principals and key players in the supply chain ecosystem.

Cosmomart position yourself as one-stop-solution for consumers who want to buy monthly necessities. By paying a membership fee, consumers can get access to high-quality products at lower prices, claimed to be unable to find products on the platform E-commerce others, and the opportunity to try sample products from new brands.

Subscription fees are currently offered starting from IDR 29.900 for three months during the promotion period. For members, they will get special price offers up to 10% more savings, free shipping for a minimum purchase of IDR 250 thousand, and get free products.

Cosmomart develops technology that makes it easier for users to find, explore, and select new brands and products. These advantages make them optibis to be able to provide a smart and profitable shopping experience for users.

This startup was only established in the second quarter of this year, initiated by Alvin Kumarga and Robert Tan who have extensive experience in establishing and developing companies. Alvin, who previously had a career as SVP of Financial Services at Traveloka, Airy Rooms, and Boston Consulting Group.

Cosmart claims to have sold more than 100 thousand products in 10 product categories, partnering with more than 80 manufacturers. Cosmart's business growth is said to have grown six times in the last three months, and the monthly shopping volume was recorded to be four times higher than shopping activity on other platforms.

Each investor conveys their statement on their involvement through an official statement delivered today (3/10). One of them, Co-founder and Managing Partner of East Ventures Willson Cuaca. He said, “[..] Indonesia has great potential for the trade industry. We believe Alvin and his team will seize this opportunity and bring more growth and positive impact to the people of Indonesia.”

Vertex Ventures SEA & India Partner Gary Khoeng added, “[..] As Indonesia's retail landscape continues to rapidly evolve, we strongly believe in Cosmart's new approach to serving a larger segment of customers who value value and shop carefully, among many other benefits. as a member, especially at this time of rising inflation and cost of necessities [..].”

Co-founder and CEO of Cosmart Alvin Kumarga said, "We are delighted to partner with investors to embark on its mission to help users in Indonesia make better purchasing decisions.

“At Cosmart, our focus is on delivering high quality consumer products at competitive prices so that our users always feel they are getting the best value and feel good whether they are discovering new existing or future brands, getting free samples or other membership benefits.” said Alvin.