Conglomeration firm, Konimex Group, led Series A Funding with total amount of S$10 million (US$7.04 million) in e-retailer Iuiga, it said Wednesday (May 13). The company said the fresh funding will be channelled into its Indonesian and Singaporean operations.

“Indonesia’ potential is immense with its burgeoning tech-savvy demographics. We want to be right in the action and unlock the economic potential in growth by 2025. We’re observing a noticeable sensibility within the Indonesian consumer market,” said Jaslyn Chan, Iuiga’ chief growth officer in an official statement.

The company was known as PT Kondang Impor Ekspor or Konimex founded by Djoenaedi Joesoef on June 8, 1967. The consumer goods producer based in Solo, Central Java. To ensure that consumers everywhere can easily obtain its products, Konimex established and appointed PT Sinar Intermark and PT Marga Nusantara Jaya as its official distributors. Later on, these two companies were merged and became PT Marga Nusantara Jaya.