Meesho founders back KitaBeli’s series A extension funding

KitaBeli, an Indonesian group-buying social commerce platform, announced Friday that it had scored an undisclosed amount in an extension of its series A funding round.

(From left) KitaBeli co-founders Prateek Chaturvedi and Ivana Tjandra / Photo credit: KitaBeli

Investors in the round include Vidit Aatrey and Sanjeev Barnwal, co-founders of India-based online marketplace Meesho. Kopi Kenangan Capital, the angel fund launched by the founders of Indonesian coffee chain Kopi Kenangan, and Banana Capital, a US-based venture capital firm owned by former Gelt investor Turner Novak, also chipped in.

The funding comes less than six months after the announcement of Kitabeli’s US$10 million series A funding round led by Go-Ventures in March.

Since being founded in 2020, KitaBeli has been focusing on serving rural areas, where the majority of Indonesia’s retail gross merchandise value comes from. The company, which is currently operating in over 10 cities across the archipelago, is set to use the additional funds for operational expansion.

“They have created a capital-efficient and scalable engine of growth that has allowed them to leapfrog more capitalized players in the market,” says Edward Tirtanata, founder and CEO of Kopi Kenangan.

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Aatrey noted that KitaBeli’s business model “combines the best of the PinDuoDuo-led group-buying network effects and the community leader ecosystem of high-growth companies in China and India.”

“We strongly believe that the hybrid model that they have perfected over a short period of time will prove to be the winner in Indonesia’s unique economy,” he adds.