After seizing this investment round, SIRCLO will boost its valuation from USD100 million to USD342.8 million.
Heaptalk, Jakarta — Indonesia-based omnichannel commerce startup, SIRCLO, is reportedly raising new funding in a Series C round at USD10.5 million, approximately Rp157.5 billion from Vertex Ventures Southeast Asia and India. However, the startup does not want to respond further regarding this funding news.
This information comes from the Singapore regulator’s filing page cited by VentureCap Insights. According to VentureCap Insights, Sirclo has allocated about 116,176 shares, priced at USD90 per stock, for fundraisers, which is indicated as the latest Series C round. After seizing this investment round, SIRCLO will boost its valuation from USD100 million to USD342.8 million.
The company is pursuing long-term profitability and growth targets, one of which is performing operational efficiency by reducing its employees by 8% at the end of 2022. In addition, all existing business units continue to be optimized by focusing on developing e-commerce enabler business lines that serve corporate clients by collaborating with Bio Farma to elevate the integrated B2B platform, Medbiz.
“We have gone through several internal evaluations and made significant changes, especially in business focus, to ensure the company’s sustainability. To achieve long-term growth, all aspects of SIRCLO Group’s business are in the optimization stage,” The CEO of SIRCLO Group, Brian Marshal, said lately.
Nevertheless, the main focus on empowering MSMEs is still being carried out through their solutions, including SIRCLO Store, Swift, SIRCLO Commerce, and ICUBE.
Previously, this e-commerce enabler startup has received Series B funding in several rounds from multiple investors, including East Ventures, OCBC NISP Ventura, Skystar Capital, and Traveloka, with the value reaching USD34 million (around Rp512 billion) with the primary focus on increasing technological capabilities and accelerating digitalization in the retail industry in Indonesia.
Based on their milestones in backing Indonesia‘s MSMEs, this omnichannel startup managed to serve around 150,000 local brands and reach over 25 consumers through its 80 distribution points. SIRCLO has expanded the solution, which is also strengthened through its acquisition of Orami and Warung Pintar, one of which is penetrating the social commerce business model.
