Indonesian ecommerce startup Moladin secures funding from East Ventures, others

Moladin, an ecommerce platform for motorcycles, has secured an undisclosed amount of pre-series A funding in a round led by early-stage investor East Ventures.

CyberAgent Capital, as well as several angel investors, also joined the round, according to a statement.

The Moladin team / Photo credit: East Ventures

The Jakarta-headquartered startup plans to use the new capital to scale its existing products, expand to other cities, and build out new features such as a category for new-car sales.

Founded in 2017 by Jovin Hoon and Mario Tanamas, Moladin provides a marketplace for Indonesian consumers to purchase new motorbikes. Its platform offers information about different motorcycles, an online directory for servicing workshops, and communities to exchange reviews on spare parts and apparel.

The company opened its platform for used motorbikes in May 2019, immediately drawing over 8,000 listings within seven months, it claims. It also started facilitating automotive mortgage loans in December and has since disbursed about US$60,000 in loan amounts.

Through all of its product offerings, Moladin said it has been enjoying a 2x growth in gross merchandise value over the past year.

“With millions of new motorcycles sold every year, motorcycles have always been an integral part of many Indonesian people’s lives,” said CyberAgent Capital managing director Nobuaki Kitagawa.

According to the statement, roughly 6.5 million motorcycle units were sold last year in Indonesia, up about 2% from 2018. The government is also planning to increase motorcycle production in the country to up to 10 million units a year by 2025.

Another Indonesian ecommerce startup focused on motorcycles is Belipart, which raised an undisclosed sum of pre-seed funding from angel investors in August last year. Though it is focused on spare parts, the company said it plans to expand into tires, rims, and motorcycle accessories in the future.