Sirclo banks US$10.5M to expand in Indonesia

Indonesian e-commerce enabler Sirclo Group has secured US$10.5 million in a Series C funding round from Vertex Ventures Southeast Asia and India.

This takes the company’s total capital raised to approximately US$100 million, according to VentureCap Insights.

Founded in 2013 by Brian Marshal, Sirclo provides omnichannel commerce solutions. It offers two main categories of solutions: entrepreneur solutions and enterprise solutions.

Sirclo Store is an online store dashboard for SMEs to sell across websites, marketplaces, and chat commerce, while IbuSibuk is a solution to empower communities of mothers as key opinion leaders, micro-influencers, and resellers.

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In the enterprise category, it offers e-commerce enabler services, a solution for omnichannel technology development, and a B2B2C platform selling mom-and-baby products.

Through the acquisition of Warung Pintar last year, Sirclo expanded its reach to provide digital products and services for small stores called warungs in Indonesia, enabling the company to offer comprehensive solutions to this significant market segment.

In response to the challenging economic conditions, Sirclo reduced its total workforce by eight per cent in late 2022. In a statement announcing the layoffs, the company stated that all aspects of the group’s business are in the optimisation stage to achieve long-term growth.

The company currently serves over 25 million customers, with over 150,000 brands using its platform.

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