SuperAn Indonesian social commerce startup focused on small towns and rural areas announced today that it has raised $70 million in over-subscribed Series C. The round was led by NEA with participation from Insignia Ventures Partners, SoftBank Ventures Asia, DST Global Partners, Amasia, B. Capital, TNB Aura, Bain Capital Chairman Stephen Palyuka, Goldhouse and Xendit CEO Moses Lo.
This brings Super’s total fundraising to $106 million since its founding in 2018. last covered the startup during a $28 million Series B in April 2021..
Steven Wongsorejo, co-founder and CEO of Super, says Indonesia’s Tier 2, Tier 3 and rural gross domestic product is three to five times lower than Jakarta’s, but the cost of consumer goods there is 20% to 200% higher. due to supply chain issues. Not only that, but more than 30% of Indonesia’s GDP comes from East Java, Kalimantan and East Indonesia, making these places a valuable source of potential income for consumer goods. By streamlining the supply chain and providing FMCG brands with an easier way to reach consumers in rural areas, Super can also reduce the cost of goods.
The startup plans to use its funding to expand into Kalimantan, Bali, West Nusa Tenggara, East Nusa Tenggara, Maluku and Papua over the next few years.
Super is currently working with third-party logistics providers to build a hyper-local logistics platform that it says can deliver consumer goods to thousands of agents within 24 hours of ordering. Company agents or resellers can be either individuals or local shops called warungs.
Super says it currently has thousands of community agents and collects and distributes millions of US dollars worth of merchandise to communities every month. It currently operates in 30 cities in East Java and South Sulawesi, mainly targeting areas with a GDP per capita of $5,000 or less.
A portion of the funding will also be used to apply machine learning to the SKUs in Super’s warehouse to help the startup understand what sells best where, so it can better determine what inventory it has. It is launching two private brands, including cosmetics, and will create an app feature for agents that will allow them to track end-consumer transactions.
Credit: techcrunch.com /