@forbesindonesia

Online catering and cloud kitchen operator @yummycorp today announced securing a $12 million Series B funding. The round was led by South Korea-based SoftBank Ventures Asia and participated by a range of global venture capitals namely HongKong-based Vectr Ventures, Taiwan's Appworks Ventures, Singapore's Quest Ventures, Coca Cola Amatil X, US-based Palm Drive Capital. Previous backers Intudo Ventures and Sovereign's Capital also participated in the round. . Yummy Corp started as a B2B catering business in 2017 and expanded its business line to a cloud kitchen operator in 2019 under the brand Yummykitchen by providing a network of cloud kitchens spread across the city, Yummykitchen enables food & beverage brands to scale and expand their area coverage easily. . Today, Yummykitchen is the largest cloud kitchen operator in Indonesia, operating 70 cloud kitchens across Jakarta, Bandung, and Medan - with plans to expand to Surabaya, Semarang, Yogyakarta, Bali, and Makassar using the capital from its series B fundraising. The number of brands that Yummykitchen serves has grown from 10 in February to more than 50 today, including well-known ones from Ismaya Group, Sour Sally Group, Padang Merdeka, Hong Tang, and Dailybox. As such, Yummykitchen claims that its transaction grew by 320% within the first semester of 2020. . Although the COVID-19 pandemic is affecting the F&B sector, Yummy Corp sees that those who are already developing their digital assets show a significant increase in sales. It has also attained HACCP (Hazard Analysis and Critical Control Point) certification, which ensures the quality of food safety and hygiene and is especially prioritized during this situation. . Yummy Corp was launched in 2017, cofounded by the Suntanu Brothers: managing director Marbio, CEO Mario, and food development director Marius, who is also an honoree of Forbes Indonesia 30 Under 30 2020, Deasy Harjanto, and former managing director Foodpanda Indonesia Juan Chene. . 📷 Cofounders of Yummy Corp, from left: @msuntanu3 , @mariosuntanu , and @marbiosuntanu . Photograph by @wspramono for Forbes Indonesia. . .

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[Forbes Indonesia 30 Under 30 2021] . Forbes Indonesia 30 Under 30 nominations are now open for 2021 list! We are looking for the best and boldest young leaders, creators and thinkers. . For details and registration, click the link on our bio: https://www.forbes.com/30-under-30-nominations/ . ❗Submission will close on December 1, 2020. . The Indonesia list will also be aligned with Forbes Asia 30 Under 30 2021. Good luck! . .

In February last year, Japan’s megabank Sumitomo Mitsui Banking Corporation (SMBC) took over controlling shares in private lender PT Bank Tabungan Pensiunan Nasional (BTPN). Through its subsidiary, PT Bank Sumitomo Mitsui Indonesia, SMBC now owns a 96.89% of stake in BTPN. . The merger with SMBCI allows BTPN to extend its services in the corporate segment, which has become BTPN’s loan growth generator. In recent years, SMBCI has been actively engaged in financing infrastructure development, which is the current government’s priority in its economic agenda. Strong capital support from SMBC also enables BTPN to target its financing to a broader range of projects and industries, including food security, energy, and infrastructure. . “Because of the merger, BTPN can serve SMBC’s corporate banking clients, mostly Japanese companies, big local corporations, from state-owned enterprises to multinationals. We can also access SMBC’s global network,” says Ongki Wanadjati Dana, president director of BTPN. . In the retail segment, the bank has also been quite innovative in digital banking by being among the first Indonesian lenders to introduce mobile and app-based banking platforms to extend financial inclusion: BTPN Wow! in 2015 and Jenius in 2016. Ongki recalls the bank to have spent more than Rp 2 trillion in building digital capability. . Despite its digital banking readiness, BTPN’s business remains affected by the economic turbulence caused by the pandemic. As economic activity shrank, loan disbursement also went down. Until the first half of 2020, BTPN’s loan only grew 5% YoY to Rp 150.5 trillion compared to last year’s 10%. Most of the increase was driven by financing in the corporate segment, which grew 18% YoY to Rp 88.6 trillion. Therefore this year, Ongki expects borrowers’ appetite for lending to remain weak in line with declining purchasing power, as opposed to the potential uptick in corporate financing. . . Read more on our latest issue available in newsstands and digital. . 📷 Ongki Wanadjati Dana, president director of BTPN Photo courtesy of BTPN . .

Pioneer

When founder and CEO of Sour Sally Group (SSG) Donny Pramono was told that his frozen yogurt business couldn’t be helped because its hype had faded, Donny didn’t want to accept that reason blindly. Instead, he tried to refine his understanding of the food and beverages (F&B) business to determine the underlying cause.  . His passion and persistence led SSG to head multiple brands popular among young consumers today: frozen yogurt @soursallycoid , cheese tea @guluguluid , coffee @fikakafiid , and a joint-venture brand @wowtegid . By August, there were 250 outlets in total—60% are franchised, and the rest is the group’s own. The number still excludes 200 sold franchise licenses that have yet to open. Donny claims that last year SSG sold nearly 10 million cups worth hundreds of billions of Rupiah, and the revenue grew by 2.5 times year-on-year. Donny is also taking SSG to turn into a more digitalized business, creating an app for customers and soon launching an online franchise business model. . Aiming to be ‘the largest’ in terms of the number of brands and outlets, Donny created a subsidiary called Selera Kapital in October 2019.  @selerakapital focuses on building joint ventures to help entrepreneurs scale up their brands to 50 outlets, as well as making strategic investments into tech startups that can be integrated to support the F&B business ecosystem. So far, it has funded several startups, namely cloud kitchen YummyCorp, ERP system ESB, food stall online platform Wahyoo, and esports management team EVOS Esports. . “We plan to grow SSG bigger with a number of brands and stores, and through Selera Kapital. We want to be the largest F&B Quick Service Retail (QSR) in Indonesia by the time we file for IPO—where we target to have 15–20 brands under our wings. That would be three to five years from now,” says Donny. . . Read more on our latest issue available in newsstands and digital. . 📷 Donny Pramono, founder & CEO of Sour Sally Group. Photo courtesy of Sour Sally Group. .

Logistics tech platform Waresix announced the closing of its Series B fundraising, raising $100 million over the last year, from existing investors EV Growth and Jungle Ventures. SoftBank Ventures Asia, EMTEK Group, Pavilion Capital, and Redbadge Pacific join as new investors. . Cofounder and CEO of Waresix, Andree Susanto, said that the capital would be used to develop the most robust logistics technology infrastructure in Southeast Asia and strengthen the team to seize an enormous market opportunity. . Andree cofounded Waresix with current CFO Edwin Wibowo in September 2017, which focuses its services on the trucking and warehousing segments. . Waresix's platform connects large and medium corporations who want to ship their products with various trucking and transportation companies. Next to matching orders, it offers solutions from planning, routing, and scheduling, which helps warehouse owners and suppliers with personalized guidance, insights, and innovative logistics solutions. . The trucking services, which makes the majority of Waresix's business, serve first-mile and mid-mile intercity shipments. The company claims that it has been profitable on a net income basis since June 2019. . Today, Waresix has an ecosystem of over 40,000 trucks and 375 warehouses in more than 100 cities and towns across the archipelago. It works with more than 250 corporate clients from diverse industries - commodities, fast-moving consumer goods, industrial consumables, infrastructure, and retail sectors - with notable companies such as Unilever, Indofood, Siam Cement Group, Wings, and JD.ID. . Earlier in January, Waresix announced that it had raised an extension round of Series A funding from EV Growth and Jungle Ventures worth $11 million, totaling its Series A funds to $25.5 million.

The coronavirus pandemic has hit almost all industrial sectors hard, including the pharmaceutical industry. The Indonesian Pharmaceutical Companies Association (GP Farmasi) reports that its members have seen declines of between 50% to 60% in the demand for drugs during the pandemic, as people avoid visiting medical facilities. . Bucking the trend, PT Industri Jamu dan Farmasi Sido Muncul (SIDO) managed to remain profitable and even grow despite the industry’s difficult conditions. In the first semester of 2020, SIDO booked a Rp 413.8 billion profit, an increase of 10.6% year-on-year (YoY), whilst its sales remained steady at Rp 1.4 trillion. . The herbal medicine and supplement segment was the major contributor to SIDO’s sales, contributing 63.2% of the total revenue, followed by its F&B and pharmacy segments. The company’s fundamental performance is likely behind the 10% gain on the company stock price on a year to date basis. As of the end of August, SIDO’s stock price closed at Rp 1,385, with Rp 21.3 trillion in market capitalization. . SIDO is aiming to achieve double-digit net profit growth this year. To reach the target, SIDO plans to continue strengthening its sales in the modern trade segment, which shows an increase in market share from 10% (as of the end of 2019) to 15% in the first semester of 2020.

Jakob Oetama, the founder of Kompas Gramedia and Harian Kompas, passed away at 88, on Wednesday, 9 September 2020. . Jakob is a renowned senior journalist and national press figure. . He was born on 27 September 1931 in Desa Jowahan, Borobudur, Central Java. His career in journalism began when he became an editor of Penabur Jakarta magazine. In 1963, he and his late partner Petrus Kanisius Ojong published Intisari magazine, which pioneered Kompas Gramedia. Kompas Gramedia also publishes the national newspaper Harian Kompas, which began printing in 1965 upon Jakob's concern on humanities. . Today Kompas Gramedia has grown into a multi-industry business group, ranging from media, retail & publishing, digital, education, hospitality, property, manufacture, to event & venue. . Our deepest sympathies go out to the family, may his soul rest in peace. . . Photo credit: Arsip Kompas Gramedia

@forbes • • • • • • Conquer.

Insurtech PasarPolis announced closing an oversubscribed series B funding round at $54 million. The investment marks the largest series B funding for insurtech in Southeast Asia, which was participated by LeapFrog Investment, SBI Investment, Alpha JWC Ventures, Intudo Ventures, global consumer electronics giant Xiaomi, as well as its existing series A investors. . The capital will be used to advance its AI technology, leverage big data to build tailor-made insurance products for the digital ecosystem, and expand deeper penetration by growing its current 10,000 agents network across its three operating countries—Indonesia, Thailand, Vietnam. The company has also partnered with over 30 premier insurance companies in Southeast Asia to help develop tailor-made products for different types of consumers and 25 digital partners. . PasarPolis claims to have served over 35 million customers to date, with four million customers in June 2020 alone. The company also stated to have maintained gross profit/positive unit economics amid the pandemic, with increasing demand on health and ecommerce attached products and logistics. . Cleosent Randing, CEO of PasarPolis, founded the company in 2015 upon realizing the underinsured market in Indonesia and initiated to provide affordable and tech-enabled insurance services for all. The startup bagged an undisclosed series A funding in 2018 from Gojek, Tokopedia, and Traveloka, which broadened its policy claims, such as for ride-hailing drivers, ecommerce shipping, and travel insurance. PasarPolis claims to have issued more than 650,000,000 policies in 2019 to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers, and online SME merchants who previously had limited access to proper insurance policies. . Earlier in February, PasarPolis partnered with Gojek to launch GoSure to provide affordable and convenient insurance services access for Gojek users, such as gadget screen protection, life insurance, the hospital cash plan, transportation, and travel protection. . . 📷 @cleosent founder & CEO of @pasarpolis Photo by @agoesrudianto87 for Forbes Indonesia . .

Indonesia recorded the lowest inflation in two decades to 1.32% in August, as consumer prices fell due to weakening purchasing power. The Consumer Price Index (CPI) fell further below Bank Indonesia’s 2020 inflation target of 2-4%. . Meanwhile, on a monthly basis, Indonesia recorded deflation of 0.05% in the CPI. This deflation is lower than in the previous month, which was 0.10%. . Head of BPS, Suhariyanto said, based on expenditure groups, two groups experienced deflation, while others showed inflation. The highest deflation occurred in the food, beverage, and tobacco category at minus 0.86%, contributing to deflation of minus 0.22%. The jolt in inflation mainly came from gold prices and rising tuition fees. Moreover, personal care also contributed to core inflation. . Meanwhile, administered prices also continued the deflationary trend 0.02% month-to-month, lower than the previous month’s figure of minus 0.07% as airlines offered discounts up to 45% on flight tickets to support the reopening of the tourism sector. . “The potential catalyst for bolstering aggregate demand will depend on the disbursement of government stimulus, which should contribute to a potential uptick in core inflation, especially for healthcare and personal care,” says Raden Rami Ramdana, an analyst at Bahana Sekuritas.