Indonesia’s Elevenia marketplace gets $50m from existing investors

Elevenia CEO James Lee

Elevenia just raised another US$50 million from its existing investors. The ecommerce marketplace is a joint venture of South Korean company SK Planet and Indonesian telco XL Axiata.

Elevenia launched in Indonesia in early 2014 with an initial capital of US$18.3 million from each partner. It has since received multiple capital injections from its parents, bringing Elevenia’s total funds – including the latest round – to about US$110 million.

The company claims to have clocked IDR 1.3 trillion (US$95 million) in revenue in 2015. It also says it has about 20,000 daily transactions and four million products listed from 30,000 sellers, with 40 million visitors.

That’s double the figures it released around its first anniversary in early 2015. At that time, Elevenia announced 20 million visitors a month, 18,000 sellers, and two million product listings. It did not release revenue figures for 2014.

Elevenia has been a steady yet somewhat quiet presence in Indonesia’s crowded ecommerce landscape. It competes alongside companies like Lazada, Bukalapak, Tokopedia, Qoo10, Rakuten, Blanja, Blibli and MatahariMall.

With fresh funds at hand, it plans to grow its team, increase its marketing efforts, improve its product and services, and move to a new office, the company said in a statement.