Cosmart Founders Alvin Kumarga (L) and Robert Tan
Cosmart, an Indonesia-based membership-driven e-commerce platform for essential goods, has secured US$5 million in oversubscribed seed funding from Lightspeed, East Ventures, and Vertex Ventures SEA & India.
Angel investors Henry Hendrawan and Albert Lucius also joined.
The firm will use the money to step up hiring and invest in breakthrough technology. “We will deploy the funds to strengthen our technology and data infrastructure further, build a world-class team, and strong partnerships with principals and key players in the supply chain ecosystem,” said Cosmart Founder and CEO Alvin Kumarga.
Also Read: How e-commerce businesses can unlock growth using alternative funding
Founded in 2022 by Kumarga and Robert Tan, Cosmart is a one-stop solution for users to purchase their monthly recurring needs. Users pay a small amount to become a Cosmart member, after which they get access to high-quality products at competitive prices, among other membership benefits.
The startup leverages technology to make it easier for users to discover, explore and select new brands and products.
Since its inception, Cosmart claims to have delivered over 100,000 products and grown its volumes by 6x in the past three months.
The company has already partnered with over 80+ principals and 500+ brands and has thousands of SKUs in stock across ten core categories.
Pachara (Pinn) Lawjindakul, Partner at Lightspeed, said, “Today’s consumer is always looking out for the best deals and lowest prices on their monthly household recurring needs. Cosmart works endlessly to provide its members access to unmatched savings, an increased repertoire of brand and product selection and most importantly, an enhanced customer service experience. We foresee strong loyalty for the brand and offering they’re bringing to the market.”
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