Indonesian q-commerce startup raises US$60m in Series B round from Accel, Tiger Global
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Megan Cheah
QUICK commerce (q-commerce) platform Astro on Monday (May 30) raised US$60 million in Series B funding led by venture capital firm Accel, biopharmaceutical corporation Citius and investment company Tiger Global.
Existing investors AC Ventures, Global Founders Capital, Lightspeed and Sequoia Capital India also participated in the round, which brings Astro’s total investment to more than US$90 million.
The fresh funds will be used to reach more customers and improve customer service. It also aims to expand its team size in 2022.
Founded in September 2021, Astro offers 15-minute grocery delivery services 24 hours a day, 7 days a week, at nearly 50 locations in Jakarta’s broader metropolitan area.
It previously bagged a US$27 million Series A round led by Accel and Sequoia Capital India. Since then, its team has grown to over 200 people.
The startup also said it has started collaborating with local businesses to launch its private label, starting with coffees, breads and seasonal treats. This is an extension of its initiative to collaborate with local farmers that enables customers access to its fresh fruit and vegetable selections within 15 minutes.
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Vincent Tjendra, co-founder and chief executive of Astro, said: “We will continuously focus on building a great company with great talents across Indonesia and delivering great customer experience.”
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