Sirclo Reportedly Scores Additional Funding of 213 Billion Rupiah

The e-commerce enabler startup Sirclo reportedly secured an additional funding round of $15 million, equivalent to 213.6 billion Rupiah. A series of investors participated in this investment, including East Ventures, SMDV, OCBC NISP Ventura, and several others.

Although Sirco is yet to comment on this news, a trusted source involved in this round has confirmed to DailySocial.id.

Previously, there was a rumor in May 2021 regarding Sirclo's $45 million series B+ funding from the investors mentioned above. At that time, East Ventures' Managing Partner, Willson Cuaca said that the information was actually part of Sirclo's acquisition of Orami. "Let's say it's a part of the acquisition process," he said

Referring to Willson's statement, this acquisition process, investors from Orami considered to make a top up. Even East Ventures has topped up to Sirclo. Our analysis, this latest round is also part of the strategic action.

Sirclo's series B funding was officially announced in August 2020 for $6 million, with the participation of East Ventures, OCBC NISP Ventura, Skystar Capital, and Sinar Mas Land.

Focused on SME market

To date, Sirclo has served more than 100 thousand brands from various cities in Indonesia with its four main services. In order to increase the coverage, they began to steadily reach the MSME segment this year with Sirclo Store (webstore) and Swift (omnichannel) products; Previously, they focused on helping big brands enter online distribution channels and implementing omnichannel technology in its systems.

For the debut, they promoted the MerdekaJualanOnline program. In addition to Sirclo's technology implementation, they also assist in the education process and early adoption through specially provided facilitators.

The report titled “Tech Logistics in SEA” explains the platform ecosystem that helps businesses do on-boarding in the online marketplace. Each has specializations and advantages in certain segments. Sirclo alone has the main feature in SaaS products, to enable businesses to manage and create its own online stores.

With the GMV potential that continues to grow from e-commerce, the enabler players also view this as a separate business opportunity. Aside from Sirclo, local players have been helping businesses go online, including iSeller, PowerCommerce, Jet Commerce, 8commerce, Tokotalk, GudangAda, JarvisStore, Genie, and others.

–Original article is in Indonesian, translated by Kristin Siagian