Glade Brook Capital Partners led a $20 million fundraising round for KitaBeli, an Indonesia-based social commerce platform.
New investors InnoVen Capital and Go-Ventures joined the round along with previous backers AC Ventures and Go-Ventures.
The social commerce platform KitaBeli, which was established in 2020 by Prateek Chaturvedi, Ivana Tjandra, Gopal Rathore, and Subhash Bishnoi, focuses on FMCG goods.
The company, which focuses on Indonesia’s smaller cities, offers consumers the chance to shop with friends and receive discounts, much like Pinduoduo does with its group purchasing program.
The business intends to use the additional funding to increase its market share in Indonesia as well as to introduce new product lines in the frozen food, mother and baby, beauty, and personal care industries.
“KitaBeli’s expansion is timely, as Indonesia’s second-and third-tier cities now represent more than a US $100 billion market, with over 200 million consumers contributing more than 50% of the nation’s GDP,” the company said in a statement.
Vidit Aatrey and Sanjeev Barnwal, co-founders of Meesho, participated in an extended series A investment round in which KitaBeli raised an unknown amount in September 2021. A series A investment round led by Go-Ventures raised $10 million from the social commerce platform six months previously.
Super, which is supported by SoftBank, and other social commerce businesses like RateS, Raena, and Dagangan are competitors to KitaBeli.
