Singapore e-tailer Iuiga bags $7m to double down on Indonesia

Singaporean omnichannel retailer Iuiga said it has received S$10 million (US$7 million) in a series A funding round led by Konimex Technologies, a subsidiary of Indonesian conglomerate Konimex Group.

Photo credit: Iuiga

The company said it plans to channel the new funds across its operations in Singapore and Indonesia and aims to double down on its business operations in strategically burgeoning markets, with a key focus on Indonesia for 2020.

It looks to use the funding to invest in product development and bet on big data and AI to refine its platform’s ecommerce customer personalization.

“Indonesia’s potential is immense, with its burgeoning tech-savvy demographics. We want to be right in the action and unlock the economic potential in growth by 2025,” said Iuiga chief growth officer Jaslyn Chan.

To help achieve this, the company expects to double the headcount in its Indonesia office in the next six months.

“In particular, we’re observing a noticeable sensibility within the Indonesian consumer market; consumer preferences are evolving where brand affinity is now pegged towards how one’s personal values align with a brand’s broader values and mission,” the exec added.

Launched in 2017, Iuiga puts an emphasis on business transparency by working with original design manufacturers to remove unnecessary middlemen and costs.

Since its establishment, the company said it has grown its gross market value by 12x and has launched nine physical stores so far in Singapore, with more outlets to open in the future.

Iuiga claims that its online retail traffic has grown 4x larger than its regular brick-and-mortar operations, particularly during the city-state’s circuit breaker period.