Editor’s note: Updated with comments from Traveloka
Indonesia e-commerce solution company SIRCLO announced on Friday its funding round worth $36 million, which was led by East Ventures (Growth Fund) and PT Saratoga Investama Sedaya Tbk. (Saratoga), with participation from Traveloka, Sinar Mas Land, as well as other investors.
The funding aims to further develop SIRCLO’s technological capabilities and accelerate the retail digitalization for various businesses all across Indonesia, the company said in a statement.
The funding round also came after SIRCLO secured $45 million in a Series B3 funding round in May this year, according to earlier reports.
“With this new funding, we plan on building our momentum as consumer spending in e-commerce has picked up during the pandemic and beyond. We are staying true to our mission of helping brands sell online using the omnichannel approach. Their success stories in extracting more value in our ecosystem propels our rapid growth even further as we continue to make significant upgrades to our solution offerings to future-proof the success of our clients,” said SIRCLO Founder and Chief Executive Officer Brian Marshal.
When contacted, Indonesia travel unicorn Traveloka told TechNode Global it hopes to expand its FinTech offerings through partnership with SIRCLO.
“Traveloka has also participated in this round to expand its fintech offerings outside its own platform through partnership with SIRCLO,” Traveloka Head of Corporate Communications Reza Amirul Junirashah said in an email.
With the new funding, SIRCLO plans to develop its technology infrastructure and expand the services it offers to business owners. The company has developed the Software-as-a-Service platform called SIRCLO Store, to help brands sell online through multiple channels in a single access, such as websites, marketplaces, and conversation (chat) commerce.
In its Online-To-Offline (O2O) initiatives, the company is developing a financing solution aimed at encouraging MSME players to be more confident in competing with larger-scale retail players.
The e-commerce industry in Indonesia has grown in multitudes since the COVID-19 pandemic, SIRCLO noted. Almost half of Indonesia’s population uses digital technology for their daily needs, which shows great potential for growth.
During the pandemic, SIRCLO said it recorded a fivefold increase in transactions, which was propelled by the shifting consumer behavior amid the COVID-19 pandemic.
Up to this year, SIRCLO said it has helped more than 100,000 brands of all sizes to sell online, from individual entrepreneurs, MSMEs, to big enterprises, it added.
Founded in 2013, SIRCLO is an e-commerce solution company in Indonesia that helps businesses sell online. The company has 1.000 employees and representatives based in Jakarta, Bekasi, Bandung, Yogyakarta, and Surabaya.