Indonesian grocery social commerce startup Segari raised USD 16 million in a Series A round led by Go-Ventures. Susquehanna International Group, Alfamart, Gunung Sewu Group, Intrinity Capital, Beenext, AC Ventures, and Saison Capital also participated in the investment.
Segari will utilize the fresh capital to strengthen its supply chain and expand its team, especially in the areas of operations, supply chain, technology, and marketing. The startup expects its business volume to grow tenfold over the next 18 months.
Founded in 2020 by CEO Yosua Setiawan, COO Farand Anugerah, and CTO Farandy Ramadhana, Segari’s platform streamlines the agricultural supply chain while empowering local community leaders to provide fresh produce to people in their neighborhoods. The firm operates decentralized warehouses and utilizes community networks to distribute products in a fast and affordable manner. Segari sources most of its fresh produce from farmers in Java and Sumatra.
“The current COVID-19 pandemic has been a tremendous catalyst for growth for the Indonesian e-grocery market,” said Aditya Kamath, partner of Go-Ventures. “Yosua, Farand, and Farandy have demonstrated outstanding execution to grow not only very quickly, but also maintain best-in-class unit economics over the last year. They are well-positioned to continue solving one of Indonesia’s most pressing problems—the complex, multilayered agriculture supply chain.”