JAKARTA (TheInsiderStories) - Bibit, a digital investment app in Indonesia announced has raised US$30 million of funding from Sequoia Capital India and is existing investors like East Ventures, EV Growth, AC Ventures and 500 Startups. The company established by its parent, Stockbit, in early 2019 and aimed to make investing seamless even for first time investors.
The CEO, Sigit Kouwagam, said in a written statement on Tuesday (01/05), the tech firm experienced a significant growth since its launch, with more than one million first-time investors registering with the platform during the past year alone.
While, Rohit Agarwal, VP, Sequoia India, commented, “Bibit has become the most trusted platform for millions of consumers with its well-balanced portfolio that offers the best risk adjusted returns.”
In addition, Willson Cuaca, co-founder and managing partner of East Ventures, noted that Stockbit and Bibit has been positively impacted during the pandemic. It has a fast growing number of retail investors, with more than 10 times growth in transactions in 2020 . He adds, “This new round will push Stockbit to grow further and cement their position as the leading platform in Indonesia.”
As a part of Stockbit Group, Bibit aims to make investing seamless even for first time investors. According to Indonesia Stock Exchange and Central Custodian data, the number of retail investors in Indonesia grew 56 percent in 2020 compared to a year ago.
This growth was contributed mainly by the millennials, who accounted for 92 percent of the new investors in 2020 came from 21s - 40s age group. Despite this rapid growth, however, only less than 2 percent of Indonesians have participated in the stock market so far.
Sequoia India operates in Southeast Asia and India and actively partner with founders from a wide range of companies, across categories, including BYJUs, Carousell, Druva, GoJek, OYO Rooms, Tokopedia, Truecaller, Zilingo, Zomato and more.
“We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, startups benefit from 48 years of tribal knowledge and lessons learned working with companies like Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe early on,” said the company.
While, East Ventures has supported more than 180 companies in Southeast Asia that are present across Indonesia, Singapore, Malaysia, Thailand, and Vietnam.An early believer in the startup ecosystem in Indonesia, East Ventures is the first investor of Indonesia’ unicorn companies, namely Tokopedia and Traveloka.
Other notable companies in the portfolio include Ruangguru, Warung Pintar, Kudo (acquired by Grab), Loket (acquired by GoJek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, Koinworks, Waresix, and Sociolla. In 2018, to further support and capitalize on the development of their ecosystem, East Ventures set up a growth-stage fund named EV Growth.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
