JAKARTA (TheInsiderStories)–Retail technology startup company Warung Pintar raised US$4 million funding round from Vertex Ventures, Pavilion Capital, and LINE Ventures, the company announced in a press release on Tuesday (7/8).
Since its initial funding 6 months ago, Warung Pintar’s kiosk base has grown rapidly by 3477% with an average monthly growth of 187%. Today, Warung Pintar have 319 kiosks across Jabodetabek that are operated by more than 500 micro-entrepreneurs.
That figure will continue to increase as there are more than 12.000 registered potential Warung Pintar’s Partners waiting to join Warung Pintar, showing the great enthusiasm from society towards new opportunities given by Warung Pintar.
Several programs and collaborations were also established to boost Warung Pintar’s growth and promote digital financing to kiosk owners, including the recent one with Go-jek’s payment arm Go-Pay, which allows shops’ customer to do cashless payment in all kiosk.
Warung Pintar’s Chief Technology Officer Sofian Hadiwijaya said that technology has been proven to increase the operational efficiency of kiosks, which then increase their sales and income. He claimed the average kiosk owner’s monthly income has increased by 89.5% after joining Warung Pintar and can reach up to Rp4.17 million or 15% higher than Jabodetabek area minimum wages.
In addition, Managing Partner of East Ventures and Chairman of Warung Pintar Willson Cuaca added the company brings financial inclusion to the unbanked population by giving financial strength and additional income, not by lending money like what has been trending recently.
Meanwhile, Managing Partner of Vertex Ventures Joo Hock Chua said Vertex Ventures is happy to be part of Warung Pintar in attempts to help Indonesia’s small medium enterprises (SMEs). SMEs have always been a major contributor to the economy in Southeast Asia and they account for over 90% of all business establishments.
Warung Pintar is a prefabricated kiosk with technology integration for Indonesian mom and pop shop. It aims to enable digitalization on a grassroots level so that Indonesia’s mass population may receive access to economic inclusion and social security.