Left to right: Evermos Co-Founder & CEO Ghufron Mustaqim; Co-Founder & Chief of Strategy Ilham Taufiq; Co-Founder & Chief of Sustainability Iqbal Muslimin; and Co-Founder & President Arip Tirta
Indonesia-based social commerce platform Evermos today announced that it had raised US$39 million in its Series C funding round.
It was led by the International Finance Corporation (IFC) — a member of the World Bank group — and IFC Emerging Asia Fund, LP, managed by IFC Asset Management Company, with the participation of returning partners such as Jungle Ventures, Shunwei Capital, UOB Venture Management, and Telkomsel Mitra Inovasi.
This funding round also saw investment from new partners SWC Global, Endeavor Catalyst, and Uni-President Asset Holdings.
Evermos will channel this latest funding towards strengthening its reseller network by deepening penetration in Java and expanding to Sumatra.
The company will continue driving its efforts of empowering local brands to make a positive impact on the Indonesian economy, expanding services across the retail value chain to support their continued growth. In addition to growing its reseller network, Evermos will continue to spearhead upskilling efforts for resellers to expand their customer base beyond personal networks through digital advertising.
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Ghufron Mustaqim, Co-Founder and CEO of Evermos, said in a statement, “We have stayed true to our commitment to supporting local brands since day one. In the process of solving the logistical issues Indonesian brands face due to the country’s unique geographical and economic challenges, we have realised that brands face diverse challenges beyond distribution. We will thus continue to harness innovation to connect local brands and customers in lower-tier cities more efficiently.”
Evermos was founded in 2018 by Ghufron Mustaqim, Arip Tirta, Iqbal Muslimin, and Ilham Taufiq.
In a press statement, the company claimed to be Indonesia’s largest social commerce network with 160,000 monthly transacting resellers as of January 2023.
Since the pandemic, Evermos has shown 17x gross merchandise value (GMV) growth from Financial Year 2020 to Financial Year 2022.
The company saw 18x higher sales of resellers who leverage digital tools compared to those relying on personal networks only. Further, the proceeds will fuel the development of Evermos’ array of AI-powered tools and solutions for resellers to understand consumers better through customer relationship management.
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Image Credit: Evermos
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