Cosmart, an Indonesian membership-driven ecommerce platform for essential goods, announced Monday that it raised $5 million in an oversubscribed seed funding from Lightspeed, East Ventures, and Vertex Ventures Southeast Asia & India.
The round also witnessed participation from seasoned angel investors – Henry Hendrawan and Albert Lucius, Cosmart said in a statement.
According to the statament, the team is looking forward to using this fundraise to step up hiring and invest in breakthrough technology.
“With this funding, we look forward to becoming the membership platform of choice, delivering a seamless and joyful shopping experience,
“We will also deploy the funds to further strengthen our technology and data infrastructure, build a world-class team, and strong partnerships with principals and key players in the supply chain ecosystem,” said Alvin Kumarga, Co-Founder of Cosmart.
“We are excited to partner with Lightspeed Ventures, East Ventures, and Vertex Ventures SEA & India in embarking on our mission to help Indonesian users make better purchase decisions,
“At Cosmart, our focus is to deliver high quality consumer products at low prices so that our users always feel like they get the best value and experience delight whether it’s in the discovery of new and upcoming brands, experiencing free samples or other membership benefits,” he added.
Cosmart was founded by seasoned tech executives – Alvin Kumarga and Robert Tan, both of whom have extensive experiences founding and scaling companies.
It is a one-stop solution for users to purchase their monthly recurring needs. Users pay a small amount to become a Cosmart member, after which they get access to high quality products at competitive prices, among other membership benefits.
The firm leverages technology to make it easier for users to discover, explore and select new brands and products.
By providing transparency in pricing, high quality of products and other membership benefits, it gives users confidence that they are shopping smartly, and they always feel like they are winning.
Cosmart’s vision is to simplify the purchase experience and prices of users’ recurring needs, so that they can save time, money and mental burden, to focus on the more meaningful things in life.
“Managing daily essential goods can be overwhelming. Cosmart is here to serve as the right solution to help the customers in having a better management of the whole process of purchasing the essential goods, which eventually will save more time and money for the users,
“Indonesia has a big potential for the commerce industry. We believe Alvin and his team will capture this opportunity and bring more positive growth and impacts to Indonesians. Welcome Cosmart into the strong ecosystem of East Ventures!,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
Since its inception in the second quarter of this year, Cosmart has delivered over 100,000 products, has grown its volumes by 6 times in the past three months, with its members transacting four times more than users in other platforms, and its discovery driven platform enables customers to discover and purchase new brands that they originally may not have access to.
“I am excited to have partnered with the Cosmart team, who bring not just seasoned experience, but an innovative approach backed with operational rigor to a crowded online shopping landscape. Today’s consumer is always looking out for the best deals and lowest prices on their monthly household recurring needs,
“Cosmart works endlessly to provide its members access to unmatched savings, an increased repertoire of brand and product selection and
most importantly an enhanced customer service experience. We foresee strong loyalty for the brand and offering they’re bringing to the market,” said Pachara (Pinn) Lawjindakul, Partner at Lightspeed.
Cosmart has already partnered with over 80+ principals, 500+ brands and has thousands of SKUs in stock, across 10 core categories.
“We are thrilled to support the Cosmart team. As the Indonesian retailing landscape continues to rapidly evolve, we strongly believe in Cosmart’s novel approach to serve the greater customer segment who appreciates value and savings, among many other benefits as members, especially during current times of rising inflation and costs of necessities,
“We look forward to working closely with Cosmart as they continue to build brand and price leadership in Indonesia,” said Gary Khoeng, Partner, Vertex Ventures SEA & India.
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