Temasek and L Catterton spearheaded an investment round that brought approximately $60 million USD to Sociolla, an Indonesia-based business in the beauty industry. The fundraising effort included existing investors like East Ventures and Jungle Ventures as well.
The corporation credits its sustained success with attracting several investors during the Covid-19 epidemic. Additionally, this supports its “strong fundamentals” and business strategy, according to Social Bella president and co-founder Christopher Madiam.
As of 2020, 42 million individuals had used Sociolla, which was founded in 2014. The business virtually doubled sales to US $43.5 million in its most recent financial statements for 2020.
The beauty market company operates 48 outlets in 15 cities around Indonesia, and it has also grown to 13 sites in Vietnam. Since 2020, it has added 20 times as many shops.
The firm has also released Lilla, a beauty and personal care shopping site tailored for moms, in addition to its primary beauty app. The firm announced that Lilla has just launched its first physical store in Indonesia.
