Natural Disasters Expo

An E-commerce startup Cosmart secures US$5 million in a seed funding

Syifa, news . 03 Oct 2022
Cosmart

Heaptalk, Jakarta — An Indonesian membership-driven e-commerce platform for essential goods, Cosmart has raised USD5 million in oversubscribed seed funding from Lightspeed, East Ventures, and Vertex Ventures SEA and India. This round has also witnessed participation from angel investors, Pintarnya’s Co-Founder, Henry Hendrawan, and Tiptip’s Group CEO and Founder, Albert Lucius.

Seizing the new capital from multiple investors, the Co-Founder of Cosmart, Alvin Kumarga, revealed that the funds will be allocated to strengthen the technology and data infrastructure, build a world-class team, and expand the strategic partnership with the experts around the supply chain ecosystem.

Advertisements
Heaptalk features the latest business news from various industries and professionals. download and install heaptalk app for the latest information

Expressing his gratitude for the successful fundraising, Alvin further stated, “We are excited to partner with our multiple investors in embarking on our mission to help users make better purchase decisions. Also, we aim to focus on delivering high-quality consumer products at low prices, provide our best value to discover new and upcoming brands, experience a free sample, and other membership benefits,”

Cosmart is a one-stop solution for users to purchase their monthly recurring necessities. Users pay a small amount to become a Cosmart member, after which they get access to high-quality products at competitive prices, among other membership benefits. This startup leverages the technology to grant transparency in pricing and high-quality products,

Following the seed round, the Partner of Vertex Ventures SEA and India, Gary Khoeng, noticed the retail landscape in Indonesia continues to evolve rapidly. Gary believes Cosmart’s novel approach would reach the broader customer segment who appreciates value and savings, particularly during the current rising inflation and costs of requisites. Thus, he expects to continue working closely with Cosmart to create a brand and price leadership in Indonesia.

Since its inception in the second quarter of this year, Cosmart has delivered over 100,000 products and has grown its business by six times in the past three months, with its monthly shopping report of customers four times higher than other e-commerce platforms’ activity. Founded by technology professionals Alvin Kumarga and Robert Tan, this startup has partnered with over 80 producers, 500 brands, and thousands of the Stock Keeping Unit (SKU) in stock across ten categories.

“Managing daily essential goods can be overwhelming. Cosmart is here to serve as the proper solution to contribute to the consumers in having better management of the whole process of purchasing the essential goods, eventually saving more time and money for the users. Indonesia has a big potential for the commerce industry. We believe Alvin and his team will capture this opportunity to lead more positive growth and impact on people in Indonesia. Welcome, Cosmart, into the strong ecosystem of East Ventures!” Co-Founder and Managing Partner, Willson Cuaca, said.

The Partner of Lightspeed, Pachara (Pinn) Lawjindakul, also delivered her excitement about partnering with Cosmasrt’s team due to their innovative approach, which backs with operational rigor to a crowded online shopping landscape.

Pachara added, “Today’s consumers always look for the best deals and lowest prices on their monthly household recurring needs. Cosmart works endlessly to provide its members access to unmatched savings, increased brand and product selection repertoire, and enhanced customer service experience. We foresee powerful loyalty for the brand and offering they’re bringing to the market,”

Related