Singapore-based commerce enablement company AnyMind Group has made its first acquisition after its listing on the Tokyo Stock Exchange Growth Market in March.
AnyMind has agreed to acquire all shares issued by Indonesia-based e-distributor and e-commerce enabler PT Digital Distribusi Indonesia (DDI) in a bid to accelerate expansion in Asia, per an announcement on Friday.
AnyMind Group has made eight acquisitions globally in total, which includes Japan-based publisher trading desks FourM, Hong Kong-based Acqua Media, Thailand-based influencer network Moindy, and others.
The most recent acquisition, according to the company’s statement, will combine AnyMind’s technology for end-to-end commerce and global partner networks with DDI’s local operation team and its customer network.
“We recognised the market potential of Indonesia and made it one of the first few markets we expanded into,” Kosuke Sogo, AnyMind Group CEO and co-founder, said in a statement.
“In the D2C/EC business, which we expect to grow, we believe that the growth potential of markets such as Southeast Asia and India is high, and Indonesia, with a population of 270 million people, is a particularly important market for us. We believe that AnyMind’s technology, global enterprise customer network, and team structure are important factors in accelerating DDI’s growth,” Sogo said in a separate document accompanying the company’s earnings report.
DDI was founded in 2019 by entrepreneur Tatum Kembara. Prior to her tenure at DDI, Kembara was the vice president for business growth (Bliblimart) at Indonesian e-commerce marketplace Blibli.
AnyMind also published its financial results for the first quarter of 2023, showing a steady progress in revenue, gross profit, and operating income.
AnyMind Group’s revenue increased 27% year-on-year (YoY) to 6.56 billion Japanese yen ($48.7 million)m, while its gross profit increased 33% YoY to 2.45 billion Japanese Yen on the back of growth in all of the company’s business lines, which include marketing, partner growth, and direct-to-consumer platforms.
Adjusted EBITDA increased more than 164% YoY to 180 million yen, while operating losses narrowed to 60 million yen in the first three months of 2023 from 148 million yen in the corresponding period a year earlier.