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Agritech start-up TaniHub aims for further growth after last year’s revenue surge
Indonesian agriculture technology (agritech) start-up TaniHub is eyeing further growth this year, as well as securing more funding and expanding its market, after enjoying a significant revenue increase last year amid changing consumer behavior.
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Farmer partners of TaniHub pose for a picture at a lettuce farm in Bedugul, Bali. (Courtesy of TaniHub)
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ndonesian agriculture technology (agritech) start-up TaniHub is eyeing further growth this year, as well as securing more funding and expanding its market, after enjoying a significant revenue increase last year amid changing consumer behavior due to the COVID-19 outbreak.
TaniHub Group president Pamitra “Eka” Wineka said the company saw its gross revenue grow by a whopping 639 percent in 2020, propelled by an influx of demand at the onset of the pandemic. The growth is more than twice the 300 percent rate achieved in 2019.
“Last year was challenging for everyone, including us. But we are proud that we can grow amid the uncertainties,” he said in a virtual briefing on Jan. 21.
While the firm declined to specify a growth target for this year, Eka stated that “in general, start-up growth is always expected to exceed” the previous year’s rate.
He went on to say that, last year, the company was able to onboard more than 250.000 new users since the pandemic hit Indonesia in March, with the most popular items including chicken and dragon fruit. TaniHub was also able to fulfill 90 percent of demand for same-day delivery, company data showed.
The large-scale social restrictions (PSBB) imposed in several regions of the country to contain COVID-19 transmission, as well as health concerns for in-person store visits, helped spur the growth of the country’s online grocery platforms.
A 2020 survey by Facebook and Bain & Company revealed that consumers in Southeast Asia were buying groceries online almost three times more often than in 2019. The study indicated that online grocery platforms enjoy the highest level of penetration in the online retail market, with other categories, such as fashion and personal care, growing 1.4 times on average.
