JAKARTA (TheInsiderStories) – Indonesian e-commerce enabler, SIRCLO has closed the Series-B funding of US$6 million, the company said on Monday (08/31). Investors are participating in this funding series are East Ventures, PT OCBC NISP Ventura, Skystar Capital, PT Sinar Mas Land, and others.
“We use this injection of funds to help strengthen our internal infrastructure so that it continues to be stable in accommodating business players who are increasingly entering e-commerce, including clients who have trusted us,” said Brian Marshal, CEO and founder of SIRCLO in an official statement.
Recently, the company and other local e-commerce player, ICUBE, has merged. It said, the merger brings thousands of clients from various businesses of any size and aims to unite the strengths of the parties.
The role of e-commerce has become increasingly important and relevant over time, especially in the midst of COVID-19 outbreak. The pandemic encourages more businesses and consumers to rely on online platforms such as e-commerce in buying and selling.
At times like this, the presence of integrated and reliable e-commerce technology and solutions is critical, as it becomes the key to success for business owners and brands that sell online through websites or other online sales channels.
Seeing this phenomenon, SIRCLO feels the importance of accelerating its business growth in order to be able to help more micro, small, and medium enterprises and enterprise brands to survive in the midst of a pandemic. Choosing the right partner such as ICUBE is a major factor in determining this, it said.
Marshall asserts that the Series-B funding took place at the right moment, exactly when SIRCLO as an is in a strategic business sector to achieve faster growth. Amidst the pandemic, the ministry of information noted that online shopping transactions have increased by up to 400 percent. The crisis also accelerates ecommerce penetration growth.
SIRCLO Insights’ 2020 e-commerce report projected 12 million new e-commerce users only in the few months where strict social distancing measures were implemented. Brands that have been relying on traditional sales channels are now prompted to enter online platforms to keep serving their customers well.
“SIRCLO is positioned well in this pandemic – its services are ready at the right time and the right place. With its capabilities built prior to the outbreak of the pandemic, SIRCLO is aiding the acceleration of the digital transformation that is taking place in Indonesia. The e-commerce adoption time has been compressed – meaning that it has advanced the initial 2-year trajectory,” explained Willson Cuaca, co-founder and managing partner at East Ventures.
Written by Editorial Staff, Email: Theinsiderstories@gmail.com