Indonesian E-Grocery startup Sayurbox has raised US$120 million in its Series C funding round led by Northstar and Alpha JWC Ventures along with participation from the World’s Bank International Finance Corporation.
The financing round was also joined by existing investors Syngenta Group Ventures, Astra, Global Brain along with other angel investors.
The fresh funding will be used by Sayurbox to expand into new and existing cities and to develop its supply chain across Indonesia.
“Sayurbox was founded with the social mission of providing market access to local farmers through the digitalization of Indonesia’s agri-supply chain. Our proprietary demand forecasting, inventory planning and route optimization algorithms enable us to have full visibility of our entire agri-supply chain, delivering the best customer experience in terms of better freshness, pricing, on-time delivery, and product range,” said Amanda Susanti, cofounder and CEO of Sayurbox, in a statement.
“This translates into better customer satisfaction, loyalty and repeats, while reducing wastage and lowering fulfillment costs. We are extremely grateful and excited to be partnering with strong value-add investors Northstar and Alpha JWC Ventures who believe in our vision,” he added.
Sayurbox’s latest funding comes in less than a year after the startup had raised US$15 million in Series B funding which was led by Astra.
“We are big believers in empowering small businesses and entrepreneurs through technology. Having known Amanda and tracked Sayurbox’s growth since 2017, we can tell the Sayurbox team is truly passionate about making a social impact on Indonesia’s small holders and individual farmers through Sayurbox’s e-grocery platform. e-grocery is the next frontier for e-commerce, and we are excited about working closely with Amanda and her team to grow the Sayurbox platform throughout Indonesia,” said Patrick Walujo, Co-Founder and Managing Partner of Northstar.
Founded in 2017 by Rama Notowidigdo and Amanda Susanti, Sayurbox is a B2C and B2B E-Grocery firm that aims to provide market across to local farmers by digitizing the supply chain.
Sayurbox started simply with fruits and vegetables but now has diversified into more product categories. The company now sells over 5000 items ranging from fresh produce, poultry, meat, snacks, and ready-to-eat dishes. Sayurbox has around 1 million customers in the country and it is already working with over 10,000 farmers, which it wants to increase to 40,000 farmers by 2024.