In Indonesia, daily necessities often cost more in smaller cities and rural areas. Super co-founder and chief executive officer Steven Wongsoredjo said the price difference can vary from about 10% to 20% in Tier 2 and Tier 3 cities, to nearly 200% in eastern provinces. Super uses social commerce and a streamlined logistics chain to lower the cost of goods. The startup announced today it has raised an oversubscribed $28 million Series B led by SoftBank Ventures Asia.
Other participants included returning backers Amasia, Insignia Ventures Partners, Y-Combinator Continuity Fund and Bain Capital co-chairman Stephen Pagliuca, while partners from DST Global and TNB Aura invested for the first time in this round.
The funding brings Super’s total raised so far to more than $36 million, which the company says is the most funding an Indonesian social commerce startup has raised so far.
Super, which took part in Y Combinator’s winter 2018 batch, focuses mainly on cities or towns with a gross domestic product per capita of $5,000 USD or lower. It currently operates in 17 cities in East Java, and has a network of thousands of agents, or resellers, and hundreds of thousands of end buyers. The company will use its new funding to double its presence in the region and launch in other Indonesian provinces this year. It will also expand its product categories beyond fast-moving consumer goods (FMCG) and develop its recently-launched white label brand, SuperEats.
Wongsoredjo told TechCrunch that Super’s ultimate goal is to “build the Walmart Group of Indonesia without having a retail store and utilizing the social commerce aspect to build a sustainable model,” similar to the way Pinduoduo became one of China’s biggest e-commerce companies by focusing on smaller cities.