JAKARTA: Indonesian end-to-end supply chain start-up Praktis has secured US$20mil (RM88.8mil) in a series A round to help direct-to-consumer (D2C) brands and suppliers optimise their business operations.
Indonesia’s East Ventures led the funding round, with participation from Triputra Group and SMDV, according to release it issued last Friday.
Praktis secured pre-series A funds from the same firms in December 2021.
East Ventures said in its press release that it was “thrilled to double down” on its investment in the company, as Praktis had hit profitability “much faster than expected”.
Roshan Raj Behera, a partner with Indian management consultancy Redseer who oversees South-East Asia, said the capital Praktis had raised exceeded typical first-round funding.
“Companies normally raise anywhere from US$3mil (RM13mil) to US$15mil (RM66.6mil) in series A,” Behera told The Jakarta Post. He suggested that the amount Praktis had obtained was “possibly a function of the company delivering strong growth with a clear path to profitability.
The unknown variable here is the dilution percentage”. Praktis co-founder and chief executive officer Adrian Gilrandi said his company’s annual revenue growth reflected Indonesia’s promising D2C market, with sales quadrupling in 2022 after growing 12-fold in 2021.
“The more than US$30bil (RM133bil) fashion and beauty markets in Indonesia are served by small and medium players.
“Through aggregation, process improvements and technology implementation, we can help those players have more efficient supply chain processes, so they can focus more on leveraging and growing their business,” Adrian said. — The Jakarta Post/ANN
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