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astro-funding-news

Indonesian quick-commerce startup Astro grabs US$4.5M seed round

Published on November 26, 2021

astro-funding-news

Astro, a quick commerce startup in Indonesia, has received an injection of venture capital funds of US$4.5 million or IDR 64 billion for Seed Funding to meet the needs of customers shopping for groceries more quickly, easily, and safely. Funding injections in this initial round were provided by several investors such as Global Founders Capital, AC Ventures, Lightspeed Venture Partners, and Goodwater Capital.

The funding received will be focused on building and strengthening the team in the field of technology and supporting the operational team to meet the needs of customers, as well as expanding the business area by expanding to several areas in the Capital.

Starting in September 2021, the company offers more than 1,000 quality products ranging from daily necessities, such as snacks, and fresh fruit, to vegetables. It only takes 15 minutes for the goods to arrive to customers.

“Astro has received positive feedback from customers since it started operating. We appreciate the interest in continuing to maintain customer satisfaction and expand the operational areas as soon as possible. We are also grateful for the trust given by investors to support Astro in serving more customers across Indonesia,” said Vincent Tjendra, the startup’s CEO and Co-founder.

Until now, people still put the importance of convenience and safety in shopping for their daily needs, in line with the advantages that the platform offers to customers, such as a 15-minute delivery time (the fastest on the market) at a very affordable and competitive price.

“We are very confident that this ‘quick commerce’ service will fundamentally change how millions of Indonesian consumers buy their basic daily needs, electronics, snacks, and pet food. Global Founders Capital (GFC) is honored to support Astro from the earliest stage,” said Melvin Hade, Partner at Global Founders Capital (GFC).

Adrian Li, Founder & Managing Partner of AC Ventures mentions, “Astro’s 15-minute delivery system is centered on customer satisfaction and allows instant delivery at affordable prices. The founding team comes with synergistic expertise and experience, suitable for running this quick commerce startup.”

Akshay Bhushan, Partner, Lightspeed Venture Partners commented, “Astro’s ‘instant shopping’ is committed to providing the fastest delivery experience for Indonesian customers. The combination of Astro’s founding team and funding for this round assures us that Astro’s position is at the forefront.”

The fact that Indonesia is in the first place as the country with the most active online shopping population also boosts confidence that Astro is here, at the right time as a quick commerce start-up, and ready to answer all consumers’ needs quickly, efficiently, and safely. As many as 87.1% of internet users in Indonesia also revealed that they use online shopping services to buy certain products including food and daily necessities. Astro will operate for 24 hours but also follow government regulations during the PPKM period.

Currently, Astro has been able to serve customers in Senayan, Permata Hijau, Gandaria, Kuningan, SCBD, Kemang, Cilandak, Cipete, Puri Indah, Kebon Jeruk, Kelapa Gading, and PIK (Pantai Indah Kapuk) area. Astro will be able to serve all of Greater Jakarta by December 2021.

AC Ventures (ACV) is a top Southeast Asian venture capital firm that invests in early-stage startups focused on Indonesia and ASEAN, with over US$500 million in assets under management. The firm's mission is to empower entrepreneurs with more than just capital by combining operational experience, industry knowledge, deep local networks, and resources. ACV's team has invested in over 120 tech companies in the region since 2012. With a team of more than 35 professionals led by Adrian Li, Michael Soerijadji, Helen Wong, and Pandu Sjahrir, it has offices in Jakarta and Singapore.