Indonesian social commerce firm raises $20m in fresh funds

KitaBeli, an Indonesia-based social commerce platform, has raised US$20 million in a funding round led by Glade Brook Capital Partners.

Photo credit: KitaBeli

InnoVen Capital joined the round as a new investor, while existing backers AC Ventures and Go-Ventures also participated.

Founded in 2020 by Prateek Chaturvedi, Ivana Tjandra, Gopal Rathore, and Subhash Bishnoi, KitaBeli’s social commerce platform focuses on FMCG products.

Targeted at smaller cities in Indonesia, the firm allows users to purchase together with their friends and get discounts, similar to Pinduoduo’s group-buying scheme.

The company plans to use the fresh capital to expand its presence in Indonesia as well as to launch new product categories such as beauty, personal care, frozen food, and mother and baby products.

“KitaBeli’s expansion is timely, as Indonesia’s second- and third-tier cities now represent more than a US$100 billion market, with over 200 million consumers contributing more than 50% of the nation’s GDP,” the company said in a statement.

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

In September 2021, KitaBeli raised an undisclosed sum in an extended series A funding round, which saw participation from Meesho co-founders Vidit Aatrey and Sanjeev Barnwal. Six months earlier, the social commerce platform raised US$10 million in a series A funding round led by Go-Ventures.

KitaBeli competes with SoftBank-backed Super and other social commerce firms like RateS, Raena, and Dagangan.