Indonesian social commerce firm banks $39m to expand in lower-tier cities

Evermos co-founders (from left): Ghufron Mustaqim, Ilham Taufiq, Iqbal Muslimin, and Arip Tirta / Photo credit: Evermos

Evermos, an Indonesian social commerce firm specializing in MSMEs, has raised US$39 million in a series C funding round led by International Finance Corporation (IFC) and IFC Emerging Asia Fund.

In a statement, the company said that its gross merchandise value (GMV) in financial year 2022 was up 17x from financial year 2020, but it didn’t specify the numbers.

Funding details

• Funding amount: US$39,000,000
• Lead investors: International Finance Corporation (IFC), IFC Emerging Asia Fund
• Other investors: Jungle Ventures, Shunwei Capital (顺为资本), UOB Venture Management (大华创投管理), Telkomsel Mitra Inovasi (TMI), SWC Global, Endeavor Catalyst, Uni-President Asset Holdings
• Stage: Series C

Founded in 2018 by Ghufron Mustaqim, Arip Tirta, Iqbal Muslimin, and Ilham Taufiq, Evermos focuses on providing Shariah-compliant products. It has 160,000 active resellers across Indonesia and 1,600 brand partners to date.

“We will thus continue to harness innovation to connect local brands and customers in lower-tier cities more efficiently,” Mustaqim, who serves as the firm’s CEO, said in a statement.

Evermos will use the new capital to strengthen its reseller network by boosting market penetration in Java and expanding to Sumatra, especially to Tier 2 and Tier 3 cities. It also aims to widen its customer base through digital tools such as advertising and customer relationship management.

The startup previously raised funding in 2021, when it secured US$30 million in a series B round.

See also: Indonesia’s social commerce startups double down on rural FMCG space

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