JAKARTA (TheInsiderStories) – Indonesian e-commerce site Jualo.com raised fresh funding US$30 million from Singapore-based automotive marketplace Carro as part of its Series B round. The latest funds injection pushes the local startup’ total amount raised to $100 million since its inception in 2015.
Joined the latest round are B Capital Group, Singtel Innov8, and Golden Gate Ventures, as well as new investors such as Softbank Ventures Asia, EDBI, Dietrich Foundation, and Hanhwa Asset Management, said the company.
Carro’ CEO and founder Aaron Tan, said the acquisition would boost the reach of his company’ technology platform in Southeast Asia. He added, “This also underscores our commitment to provide better automotive trading experiences to Indonesians and propels our growth in Southeast Asia.”
Jualo got a seed investment from Mountain Kejora and Alpha JWC Ventures. The startup, which also has operations in Thailand and Indonesia, processed transactions exceeding $500 million last year, compared to $250 million in 2017 and $120 million in 2016.
Recently, e-commerce player clocked more than 4 million users a month and processed more than $1 billion in transactions last year. The consumer-to-consumer e-commerce site facilitated the trading of new and used goods across 300 categories, including cars, property, fashion, and electronics.
Used car marketplace Carro has bags $60 million in its latest round, pushing its total funds to $75 million, and adds new investors including Eduardo Saverin to its board.
Asia Pacific e-commerce market is projected to grow 12 percent annually to hit $2.1 trillion by 2021, as digital payments such as mobile wallets and bank transfers gain traction among shoppers.
The Southeast Asian online retail market is estimated to be worth $53 billion by 2023, the emerging battleground for Chinese tech giants–Alibaba, Baidu, Didi, JD.com, and Tencent–which have been investing aggressively in the region.
In Indonesia, E-Commerce Association (idEA) chairman Ignatius Untung, said that the development of digital malls is now entering its third phase followed the changes in the behavior of Indonesian consumers when conducting online transactions,
“Competition in the third phase is more diverse. Funding, expansion, and achievement of consumer confidence are in the midst of the increasing number of e-commerce choices nowadays,” he said.
The data showed that the number of internet users in Indonesia continues to grow every year, he added. In 2017, the number of internet users was 72.8 million, which then rose to 102.8 million in 2018. In 2019, Indonesian internet users are predicted to reach 112.6 million.
While, sample data from e-commerce in the country showed an average of 87 percent of visits come from mobile usage. These findings further prove that the share of mobile device users is a considerable potential in reaping a higher number of visits.
Respondents in this study are quite active searching for information using e-commerce service of the platform. According to the survey, as many as 36.8 percent per day and 39.6 percent per month. More than seven day calipers as much as 20.2 percent, 21.9 percent per month.
Indonesia is indeed an attractive big market. The number of smartphone users in Indonesia is predicted to reach more than 100 million. This number will make Indonesia the country with the fourth largest active smartphone users in the world after China, India and America.
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