fbpx

Evermos, an Indonesian halal-focused social commerce firm, has raised $30 million in Series B funding

Evermos is an Indonesian social commerce business with two goals: to assist tiny brands grow into household names and to allow consumers to make additional money by creating online stores without investing money. UOB Venture Management’s Asia Impact Investment Fund II sponsored a $30 million Series B round for the firm, which focuses on halal goods and other items for Muslim clients. IFC, MDI Ventures, Telkomsel Mitra Innovation (TMI), Future Shape, Jungle Ventures, and Shunwei Capital were among the other investors, as were returning investors Jungle Ventures and Shunwei Capital.

The money will go into recruiting, improving Evermos’ recommendation engine and other AI-based technology, and expanding into new Indonesian areas. The firm claims to have 100,000 active resellers in more than 500 Tier 2 and Tier 3 cities, the most of which are in Java. Over the next five years, it hopes to reach more than one million resellers across Indonesia.

On the supply side, Evermos distributes fashion, halal health and beauty goods, and food and drinks through over 500 brands, the majority of which are local Indonesian firms. Over the previous two years, the firm claims that its overall transaction volume has risen by more than 60 times.

Ghufron Mustaqim, Iqbal Muslimin, Ilham Taufiq, and Arip Tirta created Evermos in November 2018. Mustaqim told TechCrunch that the team was inspired by their displeasure with several of Indonesia’s shopping practises. For example, this includes multiple layers of distribution that hike up prices and the proliferation of fake products online, which makes many people wary of buying from e-commerce marketplaces.

“We’re attempting to tackle these challenges by developing with the social commerce model, so resellers can more efficiently assist clients in selecting the correct items,” Mustaqim added.

Because over 90% of Indonesians are Muslims, “when you say we target the Muslim market, we’re talking about practically the whole country,” he noted. “One of the most essential features of the items onboarded to our platform is whether they are relevant to the Muslim market,” says the company. For instance, everything must be halal, and if it is fashion, it must be modest.”

Resellers are not required to purchase merchandise from Evermos. Instead, resellers offer products from Evermos’ catalogue to their social networks, such as relatives and friends.

Inventory, logistics, and customer service are all handled by Evermos. Evermos, like many other Indonesian social commerce companies such as Super, KitaBeli, and ChiliBeli, focuses on smaller cities where e-commerce adoption is lower due to reasons such as greater delivery costs. Evermos resellers frequently bundle their clients’ shipments into batches to reduce delivery expenses. Products are often delivered to them via third-party logistics providers from the companies’ own warehouses, but Evermos is actively developing inventory analytics and a network of warehouses to store products closer to resellers.

According to Mustaqim, brands typically pay Evermos a 30% fee on items sold through the platform, with the majority of that going to resellers. Evermos’ best resellers make around $200 USD each month, which is around the Indonesian minimum wage.

Because the majority of Evermos’ resellers are new to selling online, the company offers in-app training sessions (and occasional offline training events, too). This covers tips on inventory curation, using Evermos’ platform to place orders and take advantage of its promotional programmes, as well as product copywriting.

Evermos strategies for reaching one million resellers in five years include running ads and a program where resellers get one-time commissions for referring new sellers to the platform. All my best wishes to them.

Shishir Gupta, Founder and CEO, StartupLanes

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

You can subscribe to our news posts by entering your email in the box on the right side of this page.

Check out our YouTube channel for insightful content from the Indian startup ecosystem.

Or join our Whatsapp group to interact with other founders: Yes, I want to join the Whatsapp group.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For publishing an advertorial article about your company on our website, drop an email at taniya@startuplanes.com

Tags

top