Indra Priawan Djokosoetono, a shareholder and a family member of Indonesia’s largest taxi company Blue Bird Group, has invested in a pre-series A funding round in men’s fashion e-commerce platform Maskoolin.
The financial details of the fund-raise were not disclosed but it is speculated to be in the region of $1 million.
The Jakarta-based company aims to use the funding to expand in the Southeast Asian market, beginning with Malaysia.
“The company insists they have learnt their lessons and will now aggressively pursue fund raising. The company’s future is looking bright. The successful funding managed to up their valuation to seven-digits. This is definitely a wonderful sign of things to come,” Djokosoetono said, in a press statement.
Established in 2012 by entrepreneurs Ilham Syafriadi, Mustafa Kemal, Kristian Nalindra and Errol Widhavian, Maskoolin started with an initial focus on discounted male fashion segment before transforming into a full-fledged male fashion e-commerce, providing local and international brands of fashion, shoes, and accessories as well as smartphones, tabs and homeware.
In February 2013, Maskoolin received seed funding from local venture capital Grupara. The Indonesian-startup claims to have more than 2.5 million registered users since its launch in 2012 with 400,000 unique visitors in October only.
Maskoolin claims to be the first online shopping portal to introduce universal checkout where consumers can shop from various online stores such as The Goods Dept, Lazada, Zalora, Shopdeca, Sportdeca, Jakarta Notebook, GS Shop and many more.
Djokosoetono family started a taxi service named Chandra Taxi in 1965. In 1972, founder Mutiara Fatimah Djokosoetono and his brother Purnomo Prawiro, Chandra Suharto, and with other business partners, officially started a transportation business with 25 taxis.
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Today, Blue Bird Group has expanded its business further and still focusing in passenger transportation and also extended to other business such as logistics, property industry, heavy equipment, and IT services.
In 2014, PT Blue Bird Tbk (BIRD), one of Blue Bird Group subsidiaries that covers taxi business, car rental, and bus charters, went public on the Jakarta’s Stock Exchange.