Singapore-based e-commerce brand acquirer Una Brands has set aside Rp500 billion ($35 million) as part of its Indonesian push. Una Brands will support local brands through acquisitions, capital injection, and operational support, it said in a statement on Wednesday.
The startup said it has signed exclusive agreements with several Indonesian brands and targets to acquire 15 brands in 2022.
“We not only see an opportunity to acquire the best local brands but also help them expand in Indonesia and globally while making Indonesia a strategic sourcing hub for our portfolio outside China, which is our current hub,” Kiren Tanna, Una Brands CEO and founder, said.
Tanna, a serial entrepreneur, co-founded the food and grocery delivery platform Foodpanda and travel technology group ZEN Rooms. He has also served as the CEO of Rocket Internet SE Asia and a senior engagement manager at McKinsey & Company, according to his LinkedIn account.
Una Brands, which now operates in Indonesia, Singapore, Malaysia, Australia, China, India, Taiwan, Korea and Japan, is looking for household brands in furniture, beauty, baby product, pet, sport, and outdoor making at least Rp400 million a month.
Since its launch in early 2021, Una Brands has raised $55 million in funding from investors such as Alpha JWC Ventures, 500 Startups, Kingsway Capital, 468 Capital, Claret Capital Partners, and White Star Capital, it said.
It last announced a $15 million Series A round in November, co-led by White Star Capital, and Alpha JWC Ventures.
Una Brands vies with other brand aggregators in Southeast Asia including Indonesian brand aggregator Hypefast and Open Labs as well as Singapore-based Amazon brand acquirer Rainforest. While Una Brands raised $55 million funding this year, Hypefast announced its $19.5 million Series A round in November, and Rainforest raised $20 million pre-Series A round in September led by Monk’s Hill Ventures.
Open Labs, on the other hand, launched a $100 million fund in October to back Indonesian brands.