Indonesian e-commerce site Jualo.com raised fresh funding US$30 million from Singapore-based automotive marketplace Carro as part of its Series B round. The latest funds injection pushes the local startup’ total amount raised to US$100 million since its inception in 2015.
Joined the latest round are B Capital Group, Singtel Innov8, and Golden Gate Ventures, as well as new investors such as Softbank Ventures Asia, EDBI, Dietrich Foundation, and Hanhwa Asset Management.
In Indonesia, E-Commerce Association (idEA) chairman Ignatius Untung, said that the development of digital malls is now entering its third phase followed the changes in the behavior of Indonesian consumers when conducting online transactions,
Indonesia is indeed an attractive big market. The number of smartphone users in Indonesia is predicted to reach more than 100 million. This number will make Indonesia the country with the fourth largest active smartphone users in the world after China, India and America.