GudangAda’s numbers keep getting bigger

Every day, 100k+ smart people read our newsletter. You can sign up here.

Hi readers,

Have you ever thought about the journey that the candy bar took so you can eat it? It had to make its way through the fast-moving consumer goods (FMCG) supply chain – a complex system in itself – to get from the factory to your hand.

In Indonesia, the fragmented supply chain has proven to be challenging for many of the archipelago’s mom and pop shops or warungs. This has led to a wave of startups looking to digitalize these microenterprises through business-to-business (B2B) commerce platforms – and they’re doing pretty well.

Today we look at,

• GudangAda’s tremendous growth
• This beauty startup’s fresh funding
• Other newsy highlights such as Nium’s newly acquired unicorn status and HappyFresh’s latest funding

PREMIUM SUMMARY

GudangAda’s on the up and up

The B2B ecommerce sector in Indonesia is heating up, and GudangAda seems to be doing pretty well. The firm recently raised over US$100 million from its oversubscribed series B round and has accumulated US$6 billion in net merchandise value since its inception. It is also expecting to turn a profit in the next year and a half – pretty impressive for a company that was only founded in 2019.

• A different approach: According to founder Stevensang, GudangAda’s success lies in its asset-light business model. Instead of the inventory-carrying approach favored by other players, the company connects players within the supply chain without holding its own inventory.
• A secret weapon: Stevensang is no stranger in the FMCG space, having spent 25 years in the industry. His familiarity with the sector has enabled GudangAda to better navigate the complex webs of distributors and suppliers in Indonesia and to strike up exclusive agreements with FMCG principals in the country.
• Competition is heating up: It’s early days yet for B2B ecommerce, however, and GudangAda is playing in an increasingly competitive space, with players like Mitra Bukalapak, Ula, and Warung Pintar also stepping up their game.

Read more: GudangAda serves up more sensational numbers as it inches closer to profitability

STARTUP SPOTLIGHT

G is for glamorous ✨

Ka-ching! India-based beauty startup MyGlamm announced that it has closed its series C funding round at US$71 million, bringing its total valuation to over US$300 million.