Indonesia e-commerce player Evermos gets $39m Series C

Jungle Ventures, Shunwei Capital, UOB Venture Management, SWC Global, Endeavor Catalyst, Uni-President Asset Holdings, and Telkomsel Mitra Inovasi also participated. It brings total funding since the company’s inception in 2018 to more than USD 77m.

Evermos claims to be Indonesia's largest social commerce network with 1,600 brand partners and 160,000 monthly transacting resellers as of January. It aims to be a one-stop platform for local brands and resellers, focusing on Sharia-compliant products.

The idea is to help micro, small, and medium enterprises (MSMEs) connect with customers in lower-tier cities more efficiently, thus empowering vulnerable communities. Much of the focus is on overcoming logistical distribution barriers related to Indonesia's geography, but there are also services around business education and support for women entrepreneurs.

Yash Sankrityayan, a managing partner at Jungle, described it as the largest distribution network for consumer discretionary products in Indonesia, “adding meaningful household income to hundreds of thousands of Indonesians living in tier-two and tier-three towns.” Gross merchandise value (GMV) grew 17x between the 2020 and 2022 financial years.

The company claims brands can tap into 500 cities, where its resellers can operate without requiring capital-intensive resources. As a result, brands are said to be able to achieve 18x higher sales versus competitors that rely on personal networks.

The Series C capital will be used to strengthen the reseller network in Java and expand into Sumatera, adding new services across the retail value chain. There will also be investments in upskilling services and digital advertising for resellers, as well as artificial intelligence to help resellers better understand consumers.

"Scaling up tech-enabled social commerce platforms such as Evermos can spur economic growth and make a huge contribution towards unlocking access to markets, creating jobs, and lifting prosperity for millions of MSMEs and entrepreneurs, many of whom are women and are the backbone of Indonesia's economy," Randall Riopelle, IFC’s acting country manager for Indonesia, said in a statement.

"Our investment in Evermos will not only promote shared prosperity and financial and digital inclusion, but it will also contribute significantly to further advance the rapidly ever-growing digital economy in Indonesia."

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• Topics
• Southeast Asia
• Consumer
• Technology
• Support services
• Media
• Expansion
• Indonesia
• IFC
• Jungle Ventures
• Shunwei Capital Partners
• UOB Venture Management
• e-commerce
• Logistics