Indonesia B2B commerce startup Sinbad set to close in on double-digit funding

A warung in Jakarta, Indonesia. Photo by Robbi Firmansah on Unsplash

Indonesian B2B commerce company Sinbad is set to close a funding round of about $15-20 million as it seeks to bolster its position in the competitive supply chain business, DealStreetAsia has learnt.

Founded in 2018, Sinbad provides a platform for retailers and merchants to place orders directly with principal manufacturers and product distributors. 

Venture capital firms MDI Ventures and Genesia Ventures are understood to be backing the startup’s latest funding round. The company and the VCs did not respond to a request for comment.

Sinbad offers very little information on its product and services on its website and social media pages. Its app, which has been installed over 10,000 times on the Google Play store, lists several FMCG categories as well as cosmetics.

About 80% of Indonesia’s $380-billion retail market is dominated by the unorganised sector, which includes 4-5 million mom-and-pop shops, or warungs in local parlance. B2B commerce players target these traditional retailers, who would earlier have to close their stores to visit wholesalers to replenish their inventory. Using B2B commerce platforms, these retailers can enjoy better stock visibility and convenient ordering and restocking. 

Sinbad, which has stayed away from the media spotlight and has never publicly announced any funding, operates in a space that has become increasingly crowded in Indonesia. 

Over the last couple of years, several B2B commerce players have emerged in the archipelago. Some such as Ula and GudangAda have raised substantial funding from high-profile investors.

Ula has raised a $10.5 million seed round from VCs such as Sequoia Capital India and Lightspeed India. Its individual backers also include private equity firm Northstar Group’s Patrick Walujo and Indian B2B commerce unicorn Udaan’s co-founders Sujeet Kumar, Vaibhav Gupta and Amod Malviya.

GudangAda, meanwhile, has secured a total of $36 million over two rounds in just over three months. Its backers include Sequoia India, Alpha JWC and Wavemaker Partners.

Other contenders in the race to digitalise the B2B supply chain in the country include specialised players such as social commerce startup Super and retail tech company Warung Pintar. Regional unicorns Bukalapak, Grab and Tokopedia have also entered the field with their O2O business arms. Gojek, the country’s most valuable startup, joined the fray in September with the launch of GoToko.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • 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. 
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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.