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View all search resultsGrocery start-up Segari bags $16 million from GoTo, Alfamart
The company stated it would use the funds to strengthen and increase its team in various fields, including operations, technology and marketing.
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G
rocery start-up Segari reported on Tuesday that it had raised US$16 million in its Series A funding round amid the consumer shift to online grocery shopping during the COVID-19 pandemic.
Go-Ventures, the venture capital arm of technology company GoTo, led the funding. Investment company Susquehanna International Group (SIG), supermarket chain Alfamart, food company Gunung Sewu Group and Intrinity Capital also participated in the funding.
Segari’s seed stage investors BEENEXT, AC Venture and Saison Capital participated too.
Segari, which was launched last year, sells fresh products such as beef, vegetables and fruit via online platforms. The company promises to deliver the products within 15 hours. Its users, orders and revenue have risen twentyfold in the past year.
“The agriculture distribution chain is one of the most complex problems in Indonesia. There are a lot of layers before agricultural products reach the consumers from farmers. We hope we can create a positive impact where consumers can receive quality food products faster and cheaper,” Yosua Setiawan, the chief executive officer of Segari, said in a press release on Tuesday.
The pandemic has compelled more people to shop for groceries online as the government has restricted mobility in public places, like retail stores and traditional markets, in a bid to fight COVID-19.
Read also: Indonesia’s $3.7b food delivery market largest in region
The gross merchandise value (GMV) of online transportation and food transactions actually contracted by 18 percent to $5 billion last year, according to the “e-Conomy SEA 2020” report from Google, Temasek and Bain & Company.
But the industry’s GMV was forecast to see a 28 percent compound annual growth to $16 billion between 2020 and 2025. This growth rate is second only to online travel. It is followed by e-commerce and online media.
Segari stated it would use the funds to strengthen and increase its team in various fields, including operations, technology and marketing.
“The COVID-19 pandemic has become a catalyst for the growth in the e-grocery sector in Indonesia. More and more consumers are moving to online shopping, especially for their daily needs,” said Aditya Kamath, a partner at Go-Ventures.
