Indonesia-based manufacturing hub platform Imajin has been reported to have raised a seed funding round from a number of investors, including Init-6. The venture capital firm, which was founded by Bukalapak co-founder Achmad Zaky, was a single investor in the startup’s pre-seed funding round.

According to the data reported to the regulator, this funding also included the participation of a number of investors, including East Ventures, 500 Southeast Asia (Fund III), Kao Kele Pte. Ltd., Jessica Hendrawidjaja (Shipper CMO), and Tsuda Yumi.

Imajin Co-Founder and CEO Chendy Jaya declined to comment on the funding when being contacted by DailySocial.

Founded by Chendy Jaya, Imajin is a platform that connected local manufacturers with potential customers. By July 2022, the startup has secured more than 400 local factory partners and 80 customers, including Japanese companies operating in Indonesia. Imajin also facilitated project financing for business owners with limited resources and provides a marketplace to supply raw materials.

In 2020, Imajin was appointed by the Ministry of Industry (Kemenperin) as the national manufacturing hub. A year later, it was selected as one of the participants of the Startup Studio Indonesia accelerator programme held by the Ministry of Communications and Informatics (Kemenkominfo).

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Expansion

Imajin has previously been reported to plan to expand its business to Java Overland and Batam. The company also considered expanding internationally to Japan to support local businesses, especially those in the automotive industry. It also aimed to accelerate the digitalisation of the manufacturing industry through new product development.

On the other hand, this market expansion was also meant to support the increase of local components included in products manufactured in Indonesia, which is regulated at a minimum of 35 per cent. It is projected to gradually increase to 80 per cent by 2026, especially for electric vehicles.

Apart from Imajin, other Indonesian startups that are working in the manufacturing industry are Manuva, which had recently rebranded from its original name of Tjetak. Manuva focuses on digitalising the manufacturing process in the Indonesian packaging, electrical, and garment industries.

The company believes that Indonesian MSMEs have the potentials to grow rapidly as the country is one of the biggest manufacturers in the world.

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The article was written by Corry Anestia in Bahasa Indonesia for DailySocial. English translation and editing by e27.

It was updated on January 6 to include confirmation by the company on the final amount of the investment.

Image Credit: Imajin

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