Local B2B platform, Mbiz is targeting to raise US$20 million in a series B round in the second quarter of 2020, the CEO, Rizal Paramarta said on Monday (02/24) - Photo by the Company

JAKARTA (TheInsiderStories) – Local B2B platform, Mbiz is targeting to raise US$20 million in a series B round in the second quarter of 2020, the CEO, Rizal Paramarta said on Monday (02/24). The provider will use the new funds to invest further in its platform and team.

Mbiz is up against local rivals such as Bizzy, which raised $8 million in a series A round led by Sinar Mas Group in 2018. Other local startup, Bukalapak has also entered the e-procurement market through BukaPengadaan.

Founded in 2015 by Lippo Group, Mbiz offers an integrated e-procurement system to simplify B2B transactions. It now looks to scale its business by forming strategic partnerships with ecommerce-focused companies as well as co-branding initiatives with established brands.

Mbiz is the second e-commerce based service from the Lippo Group that previously launched the B2C e-commerce service MatahariMall in September 2015. Even so, the amount of investment spent by the Group for Mbiz was not disclosed.

According to Lippo Digital Group’ CEO Adrian Suherman said, since the third quarter of 2015, Mbiz has begun providing services for the Lippo business unit. With this initiative, the conglomeration company helped build a digital ecosystem where partners not only sell to retail consumers but also companies and government agencies.

The tech company own operations are currently led by two co-founders, namely Ryn Hermawan and Andrew Mawikere. While, Adrian Suherman and Arnold Sebastian Egg served as Mbiz’ supervisory board.

Before joining Mbiz, Hermawan herself tasted the experience of working in the digital industry with DHL Express Indonesia and FedEx. While his partner has a career in financial background with JP Morgan.

Lippo Group engages primary with real estate business, retail, IT and mass media, hospital and finance with Over 400 affiliates in Indonesia and overseas, 20 which are listed.

The Riyadi’ company is very aggressive in entering the tech startup business in recent years. Lippo has nine sectors that drive digital transformation. In addition, the group has established a digital investment group to lay a strong foundation for the fourth industrial revolution.

One of them is Venturra Capital which has invested in 24 start-up companies over the past two years, most notably the $100 million funding in ride-hailing service Grab.

The company launched MatahariMall online shop in 2016, but it is unpopular compared to other e-commerce operators. In April 2017, Lippo created Mbiz which specifically targets businesses and government institutions.

Mbiz is inviting vendors of a wide range of products to join its platform as suppliers. The company is operated by PT Brilliant E-Commerce Berjaya, part of the group. MatahariMall, however, is operated by PT Global Ecommerce Indonesia, in which Investama Digital Ventura holds a majority stake.

The Chinese-Indonesian conglomerate made a full-scale entry into the e-cash business this summer by launching a smartphone-based service that lets users shop with e-cash and accumulate shopping points. The service, called OVO, is expected to attract 8.5 million users by the end of next year.

OVO issued by PT Visionet International. The company is under the auspices of LippoX which is a digital payment company owned by Lippo Group.

Written by Staff Editor, Email: theinsiderstories@gmail.com