Indonesia-based Evermos sees US or Jakarta as potential markets for upcoming IPO

One of Evermos’ training sessions for its resellers / Photo credit: Evermos

Evermos, an Indonesia-based social commerce startup, is looking at a potential IPO in either Jakarta or the US’ Nasdaq within the next two years, co-founder Iqbal Muslimin said in an interview with Nikkei Asia.

The company links local suppliers with small-scale distributors, known as resellers. Most of the startup’s over 600,000 resellers – primarily women – work as sales agents outside offices, mainly from their homes.

These resellers use their own social media networks to market products, creating more direct connections with consumers and customers. They also receive training on social media marketing from the company.

If Evermos chooses to IPO in its home country, it would add to a recent slew of public listings in Indonesia. Last year, 17 startups went public on the Indonesia Stock Exchange, a record high.

In 2023, the gross merchandise value (GMV) of Indonesia’s social commerce industry was estimated to be around US$8.2 billion. That’s projected to reach US$22.1 billion by 2028.

This sets solid ground for Evermos, which anticipates its GMV to double to around US$800 million this year. The firm also aims to be EBITDA-positive by Q4 2024.

So far, Evermos has raised US$78.3 million in funding from investors such as the International Finance Corp, Shunwei Capital, UOB Venture Management, and Jungle Ventures.

See also: Indonesian startups thirsty for capital flock to IPOs as VC funding dries up