Fabelio is in talks with potential investors to finalise its Series B funding, according to two people familiar with the development. The company is likely to raise more than $5 million in the round and its existing investors are likely to participate, the sources said.
Fabelio had raised $2 million in a Series A funding round led by Venturra Capital last year. 500 Startups and IMJ Investment Partners, who had invested $500,000 in Fabelio’s seed round in 2015, had also participated in the Series A round.
Fabelio, which started its operations in 2014, has grown 11x in the last 18 months in the consumer segment, the company said in an e-mail reply to DEALSTREETASIA.
Last Ramadan, the company reached 1 million page views for the first time. In the near term, the company is heavily focused on establishing its brand and extending its market leadership in the online segment. “We are also working hard on our designs as well as enhancing customer experience through offline touch points, providing delivery in as little as 3 days,” said Fabelio CEO Krishnan Menon, who did not comment on the firm’s fundraising plans.
In the long term, the company said it aims to establish itself as a top-of-mind home furnishing brand in Indonesia, and plans to venture into other Southeast Asian markets such as Malaysia.
Indonesia’s local furniture market was valued at $2.7 billion in 2015, and is expanding rapidly the back of a growing middle class. Along with newer startups like Fabelio, traditional players such as Ikea have also started with their online to offline model.
Online-focused Fabelio is planning to launch its flagship store in Senayan City Mall by mid August. By the year-end, it is looking at launching three more experience centres across Jakarta.
Kargo.co.id eyes Series A funding
Indonesia’s on-demand logistics startup Kargo.co.id, which received an undisclosed amount of seed funding from local venture capital firm East Ventures, is now looking at raising $2-5 million in Series A, according to people familiar with the matter. The company, however, did not officially comment on its fundraising plans.
Kargo.co.id seeks to democratize Indonesia’s inter-city logistics landscape by providing deliveries to idle drivers in the area with a truck and time on their hands. It identifies inefficient transportation routes that can be optimized. By doing this, it says it helps suppliers maximize their capacity.
Logistics costs in the archipelago are much higher compared to Singapore, according to industry experts.
A Boston Consulting Group (BCG) report revealed that the sector has been recording strong double-digit growth in the last few years, and will continue to do so on the back of increased domestic consumption, higher trade, lower external financing costs, and infrastructure development. The domestic market size for logistics in Indonesia is estimated at S$163.4 billion.
E-payments, logistics, and infrastructure are often cited as the three main pain points for modern business models in Indonesia (like e-commerce).