Ardent Capital enters Indonesia’s e-commerce biz with MOXY

Visual from company website

Venture capital firm Ardent Capital has entered Indonesia’s rapidly growing e-commerce market with the launch lifestyle brand MOXY.

It will be competing with the likes of Lippo’s MatahariMall, the MAPeMall, Lazada for one of the largest emerging e-commerce markets in the South East Asia.

Thailand based e-retailer MOXY was acquired by Ardent Capital-backed WhatsNew Group in January 2015 for an undisclosed amount.

Related Story:Thai e-retailer MOXY acquired by WhatsNew Group

 

MOXY’s aims to an end-to-end, female e-commerce provider in Southeast Asia, starting with Indonesia and, then Thailand. Its online store will offer a large variety of products catering to women’s needs, such as beauty, fashion, and toddler-centric items.

The VC said that it is targeting Indonesia’s local e-commerce market that has been valued at $2.6 billion while the the female consumer ecosystem market has been valued at $2.4 trillion.

Related Story: Indonesia’s Lippo appoints banks to raise $200m for e-commerce foray; plans sale of $500m holdings in Link Net Holding

“We realise that the single-largest market in Southeast Asia would be Indonesia by the end of 2015,” said CEO of Ardent Capital, Adrian Vanzyl.

The primary difference between MOXY Indonesia and WhatsNew Thailand is that Indonesia’s MOXY doesn’t redirect visitors to any other sites in Ardent’s lineup.

WhatsNew said the decision to expand into the Indonesian market aligns with the vision to serve and focus on the women’s economy.

WhatsNews started out as an e-commerce firm with only two categories: pets and babies – and now has become the holding company for five more e-commerce sites. MOXY joined the Ardent groups along with pet portal Petloft, baby e-store Venbu, health and beauty ecommerce site Sanoga, and cosmetics firm Lafema.

Related Story:Indonesian fashion e-commerce site for women 8wood secures seed funding from Ideosource

“As more women join the workforce in Southeast Asia and increase their purchasing power, MOXY will be there to serve their daily lives,” said Shannon Kalayanamitr, CMO, What’sNew Group.

Related Story: Lazada secures $249m funding led by Temasek

Andrew Senduk, who has earlier worked with Deloitte, will be the CEO of Moxy Indonesia. According to him, one of the biggest challenges of any e-commerce players has to face in Indonesia is securing local logistics expertise.

“However, our strategic partnership with a commerce company (Ardent’s portfolio) gives us a local advantage. We are able to lower our costs through improving efficiency and focusing on our core competencies, which are product selection and the customer experience,” he added.

Also Read:

Indonesian e-commerce startup Kudo raises ‘seven digit’ Series A round led by GREE, East Ventures

Ecommerce firms PricePanda, Getprice merge, to launch new network in APAC

E-commerce biz iprice gets $500k seed funding from Asia Venture Group

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.