JAKARTA (TheInsiderStories) – Conglomeration firm, Konimex Group, led Series A Funding with total amount of S$10 million (US$7.04 million) in e-retailer Iuiga, it said today (05/13). The company said the fresh funding will be channelled into its Indonesian and Singaporean operations.
“Indonesia’ potential is immense with its burgeoning tech-savvy demographics. We want to be right in the action and unlock the economic potential in growth by 2025. We’re observing a noticeable sensibility within the Indonesian consumer market,” said Jaslyn Chan, Iuiga’ chief growth officer in an official statement.
In the next six months, she said, the company intends to double its staff in the Southeast Asia largest economy. Iuiga is a Singapore-based e-commerce startup founded by Zang Hao. The company launched its mobile app in May 2017, followed by its website two months later.
While, the company was known as PT Kondang Impor Ekspor or Konimex founded by Djoenaedi Joesoef on June 8, 1967. The consumer goods producer based in Solo, Central Java. To ensure that consumers everywhere can easily obtain its products, Konimex established and appointed PT Sinar Intermark and PT Marga Nusantara Jaya as its official distributors. later on, these two companies were merged and became PT Marga Nusantara Jaya.
Starting from 33 branches in 1992, now the company have 56 branches across the archipelago. With the entirety of Indonesia covered, Konimex continues to expand beyond the international borders to countries such as Singapore, Malaysia, Myanmar, Cambodia, Vietnam, and even to Saudi Arabia in the Middle East.
The e-commerce market in Southeast Asia was expanding fast, forecasted to grow at a CAGR of 14 percent between 2017 and 2024. In the region, Singapore promised to be a leading market, given its high Internet penetration, urbanized population, wealthy consumers, and a mature transport and delivery network.
While the country’ online share of total retail sales was small at 5.4 percent, it was the highest in Southeast Asia, and poised to grow rapidly. The largest consumer segment to shop online was those between 25 and 34 years old, followed by those aged 35 to 44 years old.
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