iSeller, a startup providing e-commerce and payment solutions in Indonesia, has announced the completion of an US$8 million pre-Series B financing round co-led by Openspace Ventures and AppWorks.
Local investors, including Mandiri Capital Indonesia and Indogen Capital, also joined.
This investment will enable iSeller to enhance products, technology and infrastructure into a full suite of digital solutions with the vision of becoming a “super-app for merchants”.
Specifically, the startup intends to “aggressively” expand its e-commerce solutions and offline presence to 50 cities across Indonesia.
Founded in 2017 by Jimmy Petrus, iSeller aims to become the Shopify of Indonesia. A SaaS company, it assists businesses to go digital with an omnichannel solution covering point of sale, inventory management, instant online stores, marketplace integration, and food delivery integration.
iSeller claims that it processes more than a million transactions per month across all channels and serving more than 60,000 business owners in Indonesia.
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It is deploying two new products. One, iSeller Go, a smartphone app supporting business owners to conduct transactions and manage their business online. The second is Marketplace Integration, a solution for merchants to sell hassle-free on various marketplaces, such as Tokopedia, Lazada, Shopee, and the Grab ecosystem (GrabFood, GrabExpress.
In the past year, iSeller claims to have achieved a 300 per cent year-on-year increase in the number of onboarded merchants and a corresponding increase in annual revenue. This increase is primarily attributed to the solid growth across e-commerce and payments processing solutions.
The Momentum Works Blooming Ecommerce in Indonesia estimated that the total gross merchandise value by the large marketplaces in Indonesia grew by 91 per cent in 2020 compared to the previous year. It is bolstered by the surging demand of merchants to digitise their businesses during the pandemic.
In 2019, the share of e-commerce to the total retail market in Indonesia was 8.2 per cent. It is forecast to reach 24.1 per cent by 2022.
iSeller has also integrated social and chat commerce into its solutions and has collaborated with WhatsApp and Facebook.
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Image Credit: iSeller
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