Heaptalk, Jakarta — The list of Indonesia’s startup was enriched by the launch of Tjufoo, a brand aggregator company (01/27). After its official launch, Tjufoo is set to accelerate the growth of various local brands and raise MSMEs’ level globally.
The startup that implements House of Brands as its concept intends to acquire potential local brands of the Direct to Consumer (D2C) category. As part of this objective, this startup invests in business development funds with an acquisition value of USD 125 million (1 USD equals Rp. 14,361) as a short-term initiation.
MSMEs are the significant contributors to the Gross Domestic Product (GDP) by reaching 61.07% and absorbing 97% of Indonesia’s workforce in 2021. The government initiated a digitalization program that addressed 30 million local MSMEs to penetrate the digital ecosystem in 2024.
Indonesia’s Ministry of Cooperatives and SMEs, Teten Masduki, delivered his keynote speech during the event virtually, “Indonesia’s entrepreneurship ratio reaches 3,5% and is targeted to attain 3,95% in 2024. The government has determined a presidential regulation of national entrepreneurship advancement to become a breakthrough for growing the entrepreneurship ratio,”
Furthermore, a collaboration between the government and private companies is essential to expedite Indonesia’s MSMEs growth and enlarge entrepreneurship ratio. The launch of Tjufoo as a brand is contemplated to be a stepping-stone for local brands to expand their business scale, including investment funds allocation, sustainable mentorship, and a digital ecosystem.
The Co-Founder and Chief Executive Officer of Tjufoo, TJ Tham, delivered a statement, “We committed to increasing Indonesia’s MSME level. We appreciate the government’s effort to digitize local MSMEs. The COVID-19 outbreak has brought hardness to them to keep survive. Hence, we intend to bolster their business foundation through the digital ecosystem that we have established,”
This brand aggregator startup has enhanced local brands’ performance incorporated in its digital ecosystem. An experienced team will support local MSMEs to strengthen their business core, through marketing and digital optimization. The contribution of Tjufoo’s team helps Indonesia’s MSME to perceive their consumers further and efficiently harmonize operational processes.
On the other hand, the launching of Tjufoo in Indonesia also coincided with the Memorandum of Understanding (MoU) signature as evidence of the Sarinah Pandu Strategic Partnership for MSMEs development and women’s empowerment. Tjufoo grants funding support for mentoring business and digital literacy for MSMEs recommended by Sarinah.
Likewise, Indonesia’s Ministry of Tourism and Creative Economy, Sandiaga Salahuddin Uno, revealed his appreciation of this cooperation, “We appreciate the presence of Tjufoo for its mission and commitment to assist local products in increasing business potential. This startup focuses on developing local brands by implementing strategic collaboration with Sarinah Pandu, which is expected to reach MSME actors in Indonesia promptly,”
The President Director of Sarinah, Fetty Kwartati, also stated that Sarinah had transformed its business as an aggregator institution to become a center dedicated to community, creators of art, culinary arts, and the creative economy to be commercialized internationally. By collaborating with Tjufoo, Fetty expected to revive Indonesia’s economy through digitizing local MSMEs.
“The contribution of MSMEs is tremendous for Indonesia’s economy. We have to espouse MSMEs from the beginning to the business scale-up because this stage is a complicated process. If local MSME can produce their products in large quantities, it will affect business valuation in Indonesia to gain international market. We believe Indonesia’s MSMEs will evolve in the future.” Concluded TJ.
