JAKARTA (TheInsiderStories) – Japan’ venture capital, SoftBank Corp., leads the Series B funding round of US$28 million to social commerce startup based in Indonesia, Super. The decacorn, GoJek, also penetrated in this business through GoStore.
Previous investors who participated in the funding round included Amasia, Insignia Ventures Partners, Y-Combinator Continuity Fund, and co-chairman of Bain Capital, Stephen Pagliuca. Partners from DST Global and TNB Aura also involved in the funding round.
The funding makes Super’ valuation more than $36 million after the capital injection. The provider is the first social commerce platform in Indonesia which oversees the main feature, Superagen, an agent-led commerce that enables community leaders to become retailers within their communities.
Recently, the tech firm has launched SuperEats. Currently, Super operates in 17 cities in East Java and has thousands of agents or resellers and hundreds of thousand of end buyers.
Co-founder and CEO, Steven Wongsoredjo said,”Super’ ultimate goal is to build a Walmart Group Indonesia without having a retail store and take advantage of the social commerce aspect to build a sustainable model.”
Beside keep looking the potential investment in startups, Softbank Vision Fund, plans to exit from one of Indonesian portfolios, Tokopedia, by offered its ownerships to another parties. The SoftBank Group’ unit has been invested in the local e-commerce provider since 2013, and remains one of the largest investors in the company.
Bridgetown Holdings Ltd (NASDAQ: BTWN), a Hong Kong-based investment company, has reported is considering to bough the shares fron the private equity firm. It said, the negotiations still in an early stage. The third parties denied to comment on the issues.
In the initial public offering prospectus, Bridgetown, announced to assesses the potential targets in the technology, financial services or media sectors in Southeast Asia region as part of the company’ business expansion. The issuer has raises $550 million in its initial public offering in October.
Tokopedia is the second most valuable startup in Indonesia, right behind ride-hailing and delivery giant GoJek, with early support from SoftBank and Chinese Alibaba Group Holding Ltd. Another company owned by the Hong Kong tycoon Richard Li, Pacific Century Group, also hold the minority shares in Tokopedia.
In a McKinsey report, sales in e-commerce are predicted to grow eightfold to $40 billion by 2022 and sales on social commerce are forecast to be $25 billion. This projection does not yet calculate the impact of the corona virus pandemic.
While, Facebook together with Bain and Company estimates the value of online shopping transactions in Indonesia is almost $72 billion in 2025, jump compared to the initial projection of $48 billion, because of the pandemic.
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