Indonesian B2B Marketplace Gudang Ada Raises More Than $100 M In New Funding
- ByAyushi Ray | July 22, 2021
Indonesian B2B marketplace GudangAda raises more than $100 M in new funding. GudangAda is a Jakarta-based marketplace that brings wholesalers closer to retail stores and other buyers, announcing it has closed a Series B of more than $100 million. The company says the round was oversubscribed, passing its initial target of $75 million. The funding was led by Asia Partners and Falcon Edge, with participation from Sequoia Capital India, Alpha JWC and Wavemaker Partners. This brings GudangAda’s total raised so far to about $135 million. Its last funding was a $25.4 million Series A last year, led by Sequoia Capital India and Alpha JWC. Founded in January 2019, GudangAda is now used by half a million SMEs and covers 500 cities in Indonesia. Before raising its Series B, it had already grown to $6 billion in net merchandise value on $35 million of funding. Principal manufacturers and distributors on the platform range include food products company Sido Muncul, seasoning maker Sasa and British multinational consumer goods group Reckitt Benckiser.
Founder and chief executive officer Stevensang spent more than 25 years in Indonesia’s fast-moving consumer goods and retail industries before starting GudangAda. Over the past 10 years, Stevensang told TechCrunch that logistics costs in Indonesia have increased to among the highest in the world, impacting the whole supply chain, especially SME buyers. GudangAda helps lower operational costs by connecting principal manufacturers, distributors and retailers, and handling almost all aspects of B2B buying, including deliveries. Its mobile app includes a point-of-sale system and it can also be used to manage orders, track logistics and make payments. Stevensang said GudangAda focuses on several things to make buying inventory easier for SMEs. One is optimizing inventory turnover to increase working capital for businesses on the platform.
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