Indonesia’s leading B2C and B2B e-grocery startup Sayurbox has raised US$ 120+ million in an oversubscribed Series C round of financing, led by Northstar and Alpha JWC Ventures.
Participating investors are International Finance Corporation, Astra, Syngenta Group Ventures, Global Brain, and unnamed angels.
The company will use the funds to expand in new and existing cities and extend its end-to-end supply chain nationwide.
Founded in 2017, Sayurbox is an e-commerce grocery platform that aims to make fresh produce accessible and affordable to end consumers. It offers more than 5,000 SKUs, ranging from fresh produce, meat and poultry, snacks, and ready-to-eat dishes.
Sayurbox claims it currently serves around one million customers in Java and Bali and works with more than 10,000 farmers nationwide.
The new funding round comes less than a year after it raised US$15 million in Series B funding led by Astra. Since then, Sayurbox has increased its range of products, expanding from the Greater Jakarta area to Surabaya (East Java) and Bali and building a network of micro-fulfilment hubs to service Sayurbox’s quick commerce service, SayurKilat.
Eko Kurniadi, Partner at Alpha JWC Ventures, said: “Growing in this vertical is difficult as there are huge execution risks especially given the fragmented logistics and different consumer behaviour 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.”
Groceries is one of Indonesia’s most prominent consumer segments at more than US$120 billion in retail value. However, food supply chains remain highly fragmented and inefficient. Direct from farm e-grocery businesses help shorten the supply, reducing food wastage and logistics costs while providing better margins for farmers and lower prices for consumers.
According to the e-Conomy SEA 2021 report by Google, Temasek and Bain, the recent pandemic has driven higher e-Grocery adoption among consumers in SEA, with 1 in 4 grocery dollars expected to be spent online by 2030.
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