Indonesian B2C e-grocery start-up Sayurbox has secured US$120m in its latest round of funding led by Alpha JWC Ventures and Northstar and the International Finance Corporation (IFC).
Sayurbox said it plans to use the funding to scale up its digital platform and dramatically boost direct farm-to-plate access nationwide.The company sources directly from growers in an attempt to disrupt the traditional supply chain, cut out middlemen and provide growers with consistent demand planning, ordering, as well as better and more stable prices.
“Sayurbox was founded with the social mission of providing market access to local farmers through the digitalisation of Indonesia's agri-supply chain,'said Sayurbox co-founder and chief executive, Amanda Susanti.
'Our proprietary demand forecasting, inventory planning and route optimisation algorithms enable us to have full visibility of our entire agri-supply chain, delivering the best customer experience in terms of better freshness, pricing, on-time delivery, and product range. We are extremely grateful and excited to be partnering with strong value-add investors Northstar and Alpha JWC Ventures, as well as IFC, who all believe in our vision.'
Sayurbox currently serves 1m customers on the islands of Java and Bali. While the platform now works with more than 10,000 farmers, it's seeking to boost that to 40,000 by 2024. Its platform offers more than 5,000 products, from fresh produce, meat and poultry to snacks and ready-to-eat dishes.
'Scaling up digital platforms such as Sayurbox can make a huge contribution towards unlocking access to markets and finance and lifting prosperity for millions of farmers through increased velocity of money and a higher penetration rate of SMEs,' saidAzam Khan, IFC country manager for Indonesia and Timor-Leste.
'Digitalisation is a key pillar of our strategy - a game changer in post-Covid-19 business environments.'
In addition to its financial commitment, IFC will provide knowledge, innovation and capacity building and assist Sayurbox in introducing financial products to farmers that can help them grow their business.
IFC will also leverage its own expertise in cold chain infrastructure, data management and technology to support a climate-smart approach that can help sustain the company's next stage of growth.
