Intudo leads Series A for Indonesia restaurant app
Wahyoo, a digital solutions provider for Indonesian eateries, has raised $5 million in a Series A round led by Intudo Ventures.
Other investors include Kinesys Group, Amatil X, Arkblu Capital, Indogen Capital, Selera Kapital, Gratyo Universal Indonesia and Isenta Hioe. Investors from last year's seed round, including Agaeti Ventures, Chapter 1 Ventures, SMDV, East Ventures, and Rentracks, also participated.
Founded in 2017, Wahyoo looks to digitize and improve operations at traditional Indonesian eateries and restaurants known as warung makans. It offers an app that can help them attract customers, carry out marketing campaigns, implement loyalty programs, order and receive groceries, and manage financial accounts.
Wahyoo partners with other start-ups, including Sayur Box and TaniHub, which offer an online marketplace for farm products. The goal is to accelerate the digitization of the informal restaurant industry.
Wahyoo claims to have more than 13,500 registered users in the greater Jakarta region. The company plans to use the funding to expand this headcount and expand to other cities on Java.
The plan is to create a comprehensive digital ecosystem of eateries and earn revenue by taking a cut from the advertising and brand partnership efforts of larger companies that target smaller operators and their customers.
“Through the company’s digitization efforts, Wahyoo’s highly targeted support for warung makan businesses is creating positive economic and social impact for Indonesia’s working class,” said Patrick Yip, a partner at Intudo.
Intudo further added that enforced social distancing measures due to COVID-19 had led to renewed interest among small to medium-sized enterprises in digital solution providers.
Intudo distinguishes itself as an Indonesia-only investor. Last year, it had raised its second fund, a $50 million vehicle, and has since invested in animation studio Visinema, data management solutions provider Delman, remittance firm EMQ, and logistics player Kargo Technologies, according to AVCJ Research.
Other start-ups digitizing small businesses Indonesia that have receievd VC backing this year include B2B marketplace GudangAda and Indonesian bookkeeping app BukuWarung.
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