A joint venture between XL Axiata and SK Planet, the e-commerce platform will use the funds to set up a new head office
Indonesia’s open e-commerce marketplace Elevenia has raised US$50 million in fresh funding from country’s second largest mobile operator XL Axiata, with participation from SK Planet — a subsidiary of South Korea’s largest mobile carrier SK Telecom.
It plans to use the funds for marketing activities, in addition to product and platform development, as well as for human resource development that includes setting up a new head office in an undisclosed location.
“Considering last year’s success, our investors decided to add more investment this year at the valuation of US$50 million,” Elevenia’s CEO James Lee said in a written statement. “In order to give the best for our customers, we need to maximise every asset that we own.”
The new round brings Elevenia’s total investments till date to US$110 million. The company had earlier received two round of funding — US$36.6 million in 2014 and US$12 million in January 2015.
First launched in Indonesia in 2013, Elevenia is a joint venture between XL Axiata and SK Planet. It was modelled after SK Telecom’s 11street.
The partnership enables the e-commerce platform to leverage XL Axiata large user base of around 48 million.
The competition among various e-commerce platforms in the country has become more fierce, with the recent announcement of e-commerce roadmap, which includes the elimination of negative investment list. The new roadmap opens up the space for more international competitors such as eBay which plans to open a new office in Indonesia.
As of 2016, Elevenia did on average 20,000 transactions per day, with more than four million products available and two million members registered, claims the company.
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