iSeller, an Indonesian omnichannel sales SaaS startup, has raised $12 million in a fresh funding round while setting its sight on achieving profitability in the next three years on the back of healthy growth bolstered by robust economic activities in the archipelago.
The company announced its Series B funding round on Thursday led by Intudo Ventures with participation from KASIKORN VISION (KVision) and existing investors Mandiri Capital Indonesia and Openspace Ventures.
In a statement, iSeller said it plans to focus on improving user experience through faster performance and reliability by releasing a new version of its flagship products such as the Point of Sale (POS) system for offline stores.
Founded in 2017 by Jimmy Petrus iSeller integrates in-store point of sale, online storefront, payment processing, order fulfilment, and inventory management. Aspiring to become the “Shopify of Indonesia”, the company has so far onboarded millions of businesses and it recently acquired a licensed payment gateway YUKK.
For its path to profitability, iSeller seeks to expand its reach through strategic partnerships, acquisition, and by increasing customer lifetime value (CLTV), it said in the statement.
“iSeller has experienced remarkable growth over the past few years, driven by immense demand by MSMEs and online businesses for omnichannel solutions from stock management and marketing, to payments and accounting—improving operations efficiency and facilitating business growth. In doing so, our solutions not only help businesses streamline day-to-day operations but provide upside business growth for long-term success,” Jimmy Petrus, iSeller founder and CEO, said.
“Indonesia’s merchant ecosystem has historically suffered from fragmentation and inefficient processes. By galvanising the digital transformation of merchants, iSeller has experienced extraordinary growth over the past few years, leveraging the team’s expertise in SaaS, omnichannel technology and integrated payments for the Indonesian market. We are excited to support Jimmy and iSeller to accelerate growth and become Indonesia’s undisputed market leader,” said Patrick Yip, founding partner, Intudo Ventures.
The company also claimed to have experienced an over four-fold increase in merchant acquisitions and revenue over the past two years. Its gross transaction volume (GTV) increased five-fold to over $600 million during the period.
DealStreetAsia reported in Oct. 2021, based on the company’s ACRA filings, that iSeller had raised $8 million in a pre-Series B funding round. The round was co-led by Openspace Ventures and AppWorks while Mandiri Capital Indonesia and Indogen Capital joined the round.
Based on DealStreetAsia’s DATA VANTAGE, iSeller has raised around $23 million to date. Its top institutional shareholders include Openspace Ventures with an 18.25% stake, followed by Mandiri Capital, which has a 14.45% stake.
