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.