Indonesia’s iSeller bags series A round from Openspace Ventures, Mandiri Capital
Indonesia-based iSeller, an omnichannel sales software-as-a-service player, announced that it has secured an undisclosed amount in its series A round of funding led by Singapore-based VC firm Openspace Ventures and Mandiri Capital, the VC arm of Bank Mandiri in Indonesia.
Photo credit: iSeller
The capital injection will go toward business expansion including the acceleration of merchant acquisition and onboarding. The company is also doubling down on technology development to add additional omnichannel merchant solutions and features, it said in a statement.
Founded in 2017, iSeller offers a cloud-based platform for omnichannel businesses, which integrates in-store point of sale, online storefront, payment processing, order fulfillment, and inventory management into a single interface.
With increasing online distribution models and multiple payment methods in Indonesia, small and medium-sized enterprises are finding it hard to keep up.
The company said it aims to help these merchants take advantage of the online ecosystem by providing more ways to sell and accept payment across online and offline channels (in-store, online, apps, and marketplaces). Merchants can also manage sales across branches, covering Tokopedia, Shopee, Lazada, GoPay, Ovo, Dana, GoSend, and GrabExpress, among others.
With a pay-as-you-go subscription model, iSeller serves consumer businesses in sectors including retail, food and beverage, and consumer services, catering to clients like Geprek Bensu, Ixobox, Agung Sedayu Retail Indonesia (ASRI), United Bike, and Yogurtland.
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Despite current economic conditions, the company claims that it has doubled its revenue and its active merchant pool year on year and currently processes more than 5 million transactions a month. In fact, it attributed this growth to the higher online transaction volume among existing customers amid the pandemic’s lockdown period.