Indonesia: E-commerce startup Kudo raises funding from Emtek Group, others

Kudo is an online-to-offline (O2O) technology startup based in Jakarta. Visual: Team Kudo

Indonesian e-commerce startup Kudo announced today that it has raised an eight-digit funding in an investment round led by media conglomerate Emtek Group.

Previous backers East Ventures, 500 Startups, Singapore Press Holdings, IMJ Investment Partners, and Skystar Capital also participated in the round, according to the company’s statement.

Kudo CEO Albert Lucius said, the funds will be used to establish a “network presence” throughout suburban and rural areas in Indonesia.

“Using our technology, we enable millions of underserved, unbanked and less tech-savvy Indonesians to have access to online bank transactions. From Sabang to Merauke, our agents will be many Indonesians’ gateway to e-commerce,” said Kudo CEO Albert Lucius.

The Emtek Group has previously invested in other local sites, including bukalapak.com, rumah.com, lakupon.com, and bobobobo.com. Founded in 1983, Emtek now has three main business divisions – media, telecommunications and IT solutions, and connectivity.

The media division consists of two FTA channels, SCTV and Indosiar. The connectivity division consists of new initiatives under development in TV and internet services, while the solution division provides services solutions for communication and technology, telecommunication, banking and retail payment industries.

Emtek’s latest investment, Kudo, focuses on a cash-payment system and reliance on agent-customer trust to push transactions. It works by appointed sales agents that the general public can visit and use to help them shop online.

Since its launch in 2015, Kudo has reportedly delivered web access to over 1 million Indonesians who have never shopped online before. It also supports more than 150,000 agents.

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