Indonesia-based on-demand grocery delivery service Sayurbox secured $120m in series C funding yesterday from investors including agribusiness Syngenta and conglomerate Astra International.
Northstar Group and Alpha JWC Ventures co-led the round, which also featured the World Bank-backed International Finance Corporation, Global Brain and unnamed private investors. Syngenta took part through its corporate venturing unit, Syngenta Group Ventures.
Founded in 2017, Sayurbox provides on-demand grocery services to both consumers and businesses, offering a catalogue of more than 5,000 grocery items and ready-to-eat dishes.
The company claims to currently serve approximately 1 million customers across Bali and Java. It plans to use the series C proceeds to extend its end-to-end supply chain and boost its penetration in new and existing cities.
Astra, which has a portfolio including consumer services app operator GoTo, led a $15m series B round for Sayurbox last year with a $5m commitment, following an undisclosed sum from Patamar Capital and Insignia Partners in 2018. IT services provider Metrodata Electronics provided $500,000 in bridge financing in September 2021.
Amanda Sustani, Sayurbox’s co-founder and chief executive, said: “Our proprietary demand forecasting, inventory planning and route optimization algorithms enable us to have full visibility of our entire agri-supply chain, delivering the best customer experience in terms of better freshness, pricing, on-time delivery and product range.
“This translates into better customer satisfaction, loyalty and repeats, while reducing wastage and lowering fulfilment costs.”
Photo courtesy of Sayurbox.
