(Bloomberg) — Indonesian consumer goods mall GudangAda secured $25.4 million in a funding round led by Sequoia India and Alpha JWC Ventures, marking the latest investment in Southeast Asian e-commerce as the pandemic pushes business online.
The Series A financing was concluded just three months after the Jakarta-based startup raised $10.5 million in a seed funding round co-led by Alpha JWC Ventures and Wavemaker Partners, with participation from Temasek Holdings Pte’s Pavilion Capital.
The new capital brings the startup’s total funds raised to $36 million in just 15 months since inception, and will help it meet heightened demand for daily essentials during large-scale social restrictions. GudangAda — loosely translated as “we have everything in our warehouse” — helps mom and pop stores buy goods such as cooking ingredients, instant noodles and beverages from wholesalers through its mobile app and website. The platform also lets wholesalers transact among themselves.
Covid-19 is chilling deal activity worldwide but investors continue to single out startups in areas that benefit from a surge in online activity, such as e-commerce and logistics. On Tuesday, Singapore’s Ninja Van said it raised $279 million from investors including France’s GeoPost SA and ride-hailing giant Grab Holdings Inc.
GudangAda will recruit more than 100 employees this year, adding to a workforce of about 350, according to founder and Chief Executive Officer Stevensang, who like many Indonesians goes by one name. “We do have plans to strengthen our mid-senior team throughout the rest of this year, especially in areas of technology and product management,” he said in an interview. “We are open to all levels of professional talents in Indonesia’s startup ecosystem.”
