Securing a Series C round from IFC, Evermos will use its latest injection to empower reseller capabilities and develop AI-based tools.
Heaptalk, Jakarta — Indonesia‘s social commerce startup, Evermos, has snagged the latest investment in a Series C round worth US$39 million (Rp585 billion). International Finance Corporation (IFC), known as a member of the World Bank Group, leads this funding round with participation from Jungle Ventures, SWC Global, Endeavor Catalyst, and Uni-President Asset Holdings.
Responding to this newest achievement, the Co-Founder and CEO of Evermos, Ghufron Mustaqim, affirmed that the company will use the capital to deepen penetration in the Java region and perform business expansion into Sumatera, expecting to reach the tier two and three cities. On the other hand, the social startup will enhance product innovations to link local brands to customers around the lower cities.
Since its inception, the company has aimed to back Indonesia’s MSME to be more competitive by building an ecosystem accommodating collaboration between brands, resellers, and consumers.
According to the CEO, the number of MSMEs in Indonesia that can grow is only around 0.5% due to the numerous challenges, including the logistical problem. With more than 17,000 islands stretching for 51,000 kilometers from west to east, the unique geography of the Indonesian market makes national expansion expensive and time-consuming, especially in lower-tier category cities.
Evermos startup allows brand owners to access 500 cities with 160,000 resellers that can operate the business. Evermos recorded a 17-fold growth in Gross Merchandise Value (GMV) over the past two years.
Leading the Series C investment round, the Acting Country Manager of IFC for Indonesia and Timor-Leste, Rendall Riopelle, voiced, “Our investment in Evermos will drive shared prosperity and financial and digital inclusion and make a significant contribution to advancing the fast-growing digital economy in the archipelago,”
Apart from aiming to expand into cities in Indonesia, Evermos will also use its latest injection to empower reseller capabilities and develop Artificial Intelligence (AI)-based tools to help resellers understand consumers better through a Customer Relationship Management system. This startup also plans to explore Merger and Acquisition (M&A) opportunities, expecting to pursue business growth organically and inorganically.
“Following this round, we no longer need any more funding. We are only going to need it if we’re exploring an IPO. In addition, we might strengthen our balance sheet with another round of funding.” The President and Co-Founder of Evermos, Arip Tirta, said.
