Desty, a social commerce firm raised East Ventures led $5 M in pre-series A funding
Desty, an e-commerce solution platform located in Indonesia, has raised $5 million in an expanded pre-series A round-headed by East Ventures (Growth fund).
Fosun RZ and January Capital, as well as Jungle Ventures, are returning investors.
Desty received US $3.2 million in a pre-series A financing headed by 5Y Capital in July 2021, approximately four months ago.
The fresh funds will be used to speed up product development and merchant acquisition, as well as to introduce novel items in the coming months.
Desty launched in October 2020 as a digital platform enabling merchants, influencers, and artists to create a single online location for promoting and selling their goods.
Desty provides easy-to-use platforms, such as Desty Page and Desty Store, allowing users to flourish in the digital environment, with a hyperlocal focus on its business strategy and product offerings. It offers a variety of free tools, services, and apps. A setup fee or a monthly membership are not charged by the firm.
Online businesses make up around half of Desty’s users, while creators and influencers make up the other third. DAMN I Love Indonesia, Luna Habit & Nama Beauty by Luna Maya, Kurumi, Janji Jiwa, Haus. Dagelan, Greysia Polii (Indonesian Olympic Gold Medalist), Choky Sitohang, Tahi Lalats (Mindblowon Studio), Daisuke Botak, Marcella Eteng, Filda Salim, and FootNoteStories are some of the online retailers.
“Desty was born during COVID-19 when massive digitalisation happened. Merchants, influencers, and creators have resorted to digital platforms to have a digital presence as it has become of utmost importance to thrive. Soon, we would have gathered one million creators and merchants using our platform,” said Mulyono Xu, co-founder and CEO of Desty.
In Indonesia, more digital merchants are becoming tech-savvy as they use digital technologies to connect with their consumers. Due to the COVID-19 epidemic, the country’s e-commerce sector achieved double-digit GMV growth, reaching US $52 billion, and is expected to increase to US$104 billion by 2025.
