Indonesia e-commerce player Evermos gets $8m Series A

Jungle Ventures, Shunwei Capital, and Alpha JWC Ventures joined the oversubscribed round. It comes nine months after launch of the platform, during which time the company has built up a network of 20,000 paid resellers across every province of Indonesia.

Evermos, which stands for Everyday Needs for Every Muslims, connects the resellers of sharia-compliant products from hundreds of local brands to end-consumers via a social platform. The business hopes to expand into financial technology and travel services.

"We are very excited to partner with the Evermos founding team as they have a deep understanding and respect for the large sharia economy in Indonesia, a clear vision for supporting it with technology, as well as a genuine desire to build an ecosystem to enable and help motivated Indonesian individuals to have additional income and contribute further to their households no matter their current employment and education status," Yash Sankrityayan, a principal at Jungle, said in a statement.

Evermos estimates the global market for Islamic goods will amount to $3.8 trillion by 2022. Indonesia has the largest Muslim population in the world at 225 million and is expected to play a leading role in the digitization of the opportunity set. "The Indonesian government also been showing support to accelerate the sharia economy by providing supportive regulations and plans, and we are keen to support that with our technology ecosystem," said Evermos CEO Iqbal Muslimin.

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• Topics
• Southeast Asia
• Consumer
• Early-stage
• Indonesia
• Jungle Ventures
• Shunwei Capital Partners
• Alpha JWC Ventures
• e-commerce
• TMT