Indonesia-based e-commerce company Elevenia has raised $50m in a funding round backed by online and mobile services platform SK Planet and telecommunications firm XL Axiata, Tech in Asia reported today.
Elevenia is a joint venture of XL Axiata and SK Planet, itself a subsidiary of telecoms company SK Telecom. The corporates launched the company with an initial commitment of $18.3m in 2014 and have reportedly returned several times to boost its total funding to $110m to date.
Elevenia operates an online marketplace where individuals and businesses can sell their goods. Buyers and sellers earn loyalty points which they can redeem for rewards such as discounts for the buyers or advertising for sellers.
The company handles all payment processing and collects a 5% fee on the sale of electronics and gadgets and a 10% commission on all other products. It claims to have turned over $95m in revenue last year, processing around 20,000 transactions a day.
Elevenia will use the latest funding to recruit staff, focus on marketing, improve its product offering and relocate to a new office.