🇮🇩 quick commerce firm gets $27m package from Sequoia, others

Astro, a quick commerce startup based in Indonesia, has raised US$27 million in its series A financing led by Accel and Sequoia Capital India.

Existing investors including AC Ventures, Global Founders Capital, Lightspeed, and Goodwater Capital also took part in the round.

Photo credit: Astro

Launched in September 2021, Astro was founded by Vincent Tjendra, a former associate vice president of Indonesian ecommerce major Tokopedia.

Astro offers over 1,000 products such as groceries, fruits, and medicines that are delivered in 15 minutes.

The latest investment comes amid a race among Indonesia’s ecommerce firms to deliver products within 10 to 15 minutes. The country’s e-grocery market is poised to be valued at nearly US$6 billion by 2025.

Quick commerce firms in other parts of Asia are also drawing investor attention. In December, India-based Zepto raised US$100 million in its series C round led by Y Combinator’s Continuity Fund. Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, and Contrary Capital also joined the fundraise.

“There are some irrefutable truths in ecommerce, and one of them is that consumers will always want faster delivery, better selection, and value pricing,” Aakash Kapoor, vice president of Sequoia India said. “With growing affluence, the Indonesian market is reaching an inflection point in the e-grocery and other consumer categories, opening up a large market opportunity.”

See also: Will India’s 10-minute quick commerce model last?

Astro plans to use the funds to expand its operations across Indonesia and ramp up hiring by 3x.

Other investors in the round include founders and senior executives from:

• Traveloka
• Ajaib
• Meesho
• Oyo
• Swiggy
• Udaan