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Indonesia’s Sayurbox Raises $120M Led By Northstar, Alpha Jwc Ventures

Mar 21, 2022over 3 years ago

Amount Raised

$120 Million

Description

Indonesian agritech startup Sayurbox has raised more than $120 million in an oversubscribed Series C funding round led by Northstar and Alpha JWC Ventures as it looks to expand its supply chain nationwide and accelerate e-grocery penetration.

Company Information

Company

Sayurbox

About

The startup raised $15 million in a Series B round in 2021, $5 million in a Series A round in 2020, and $650,000 in a seed round in 2019. “They are focusing on acquisition and retention and that focused really well,” he said, noting that the company strive to make customers make repeat order in the next month. According to data filed by Sayurbox to the Singaporean authority, the startup managed to increase its revenue by 385% on annual basis in 2020. Within the year 2020, the startup focused mostly on the capital city Jakarta but then expanded to five big cities such as Surabaya and Denpasar while trying to expand their product offering.“Growing in this vertical is difficult as there are huge execution risks especially given the fragmented logistics and different consumer behavior in cities across Indonesia; however, Sayurbox has figured out the playbook to tackle these challenges by building a proprietary supply chain comparable to global e-grocery leaders,” Eko Kurniadi, a partner at Alpha JWC Ventures, said in the statement.

Funding Insights

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