THE WHAT? Indonesian marketplace GudangAda has raised more than $100 million in a Series B funding round, which was led by Asia Partners and Falcon Edge, according to a report by TechCrunch.
THE DETAILS The funding round was reported to be oversubscribed, with the company passing its initial target of $75 million. Other investors included Sequoia Capital India, Alpha JWC and Wavemaker Partners.
The new financial injection brings GudangAda’s funding total to approximately $135 million, following a Series A last year.
THE WHY? GudangAda is set to use the finance to expand its product categories, which include pharmaceuticals, as well as develop AI-based tools that create personalised recommendations for customers.
Navroz D. Udwadia, GudangAda Co-Founder, says, “GudangAda is definitively the largest SME e-commerce marketplace in Indonesia with best-in-class metrics. Our research and conversations with stakeholders (principals, wholesalers and retailers) has given us confidence on GudangAda’s distinctive ROI and value addition to the entire ecosystem.”