Indonesian conglomerate in talks to acquire beauty startup Female Daily

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An Indonesian consumer sector conglomerate is said to be in the process of acquiring local beauty startup Female Daily Network, according to two people familiar with the development.

Female Daily started in 2007 as Fashionese Daily, a blog about beauty products with Hanifa Ambadar and Affi Assegaf at the helm. It then developed into an online community platform which offers user reviews and ratings for beauty products, articles, videos, and also a discussion forum.

Sources indicated that the acquirer is likely to be consumer conglomerate CT CORPORA.

When asked about the deal, CT CORPORA did not immediately provide a response. Female Daily, meanwhile, declined to comment on the matter.

The startup had raised $1 million in funding in 2014 from Ideosource, Sinar Mas Digital Ventures and Convergence Ventures. Two years later, it acquired an app development house, J-Tech, for an undisclosed amount.

In a recent interaction with DEALSTREETASIA, Female Daily founder and CEO Hanifa Ambadar claimed that the startup had 2.5 million users on its web and app. She said the company was already profitable and had managed to double its year-on-year revenue.

The Female Daily founder also revealed the company’s ambition to foray into e-commerce.

“Looking at the nature of our business, e-commerce is a natural evolution but it’s something that cannot be done prematurely,” Ambadar had then said. “This can only be done through omni-channel and strong data proposition. As such, we need to ensure that we have the capacity, capability and access to distribution, fulfillment and offline retail to maintain the same experience and standard of service to serve our users across the archipelago.”

While Ambadar did not give any definitive answer on questions regarding its fundraising plan, she had said the company is looking to work with strategic partners who “not only understand our vision but also provide support with a strong ecosystem play; retail, distribution, and media”.

CT CORPORA, meanwhile, is known as one of the leading diversified consumer players in Indonesia, with businesses in various sectors including media, retail, lifestyle, entertainment and property. It has acquired multiple businesses over the years, including retailer Carrefour’s local unit, TRANSmart, free-to-air channels Trans TV and Trans 7, and online news portal Detik.com.

Also Read:

Indonesia: Ideosource-backed online community Female Daily acquires app builder J-Tech

Indonesia: CT Corp to seek investors for subsidiaries before considering IPO, says chairman

General Atlantic appoints Ashish Saboo to lead Indonesia operations

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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.