Indonesian q-commerce startup bags US$27m from Sequoia, Accel
QUICK commerce (q-commerce) platform Astro has closed a US$27 million Series A funding round led by venture capital firms Sequoia Capital India and US-based Accel.
Existing investors also participated in the round. They include AC Ventures, Global Founders Capital, Lightspeed Venture Partners and Goodwater Capital, and angel investors including founders and senior executives from Traveloka, Ajaib, Meesho, OYO, Swiggy and Udaan.
Astro has plans to use the fresh funds to expand its services across Indonesia and hire more people this year.
Launched in September last year, Astro currently offers more than 1,500 products on its app and operates over 15 hubs across Jakarta. It promises the delivery of groceries and essentials within 15 minutes over 24 hours a day, 7 days a week.
Customers have to spend a minimum 50,000 rupiah (S$4.70) in each transaction on Astro and pay a delivery fee of up to 15,000 rupiah.
"There are some irrefutable truths in e-commerce, and one of them is that consumers will always want faster delivery, better selection and value pricing. The quick commerce model sits at the pinnacle of such consumer demand," said vice-president of Sequoia India, Aakash Kapoor.
"With growing affluence, the Indonesian market is reaching an inflection point in e-grocery and other consumer categories, opening up a large market opportunity."
In November 2021, Astro raised US$4.5 million in seed funding from AC Ventures, Global Founders Capital, Lightspeed Venture Partners, and Goodwater Capital.
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