Supply-chain enabler Praktis raised $20 M Series A funding from East Ventures
Praktis, an Indonesian company that enables the entire supply chain, has raised $20 million in a series A round that was led by East Ventures (Growth fund) and included the Triputra Group and SMDV.
According to a statement released by Praktis on Thursday, the investment will be used to speed up technology improvements for the brands’ sides while also assisting suppliers with smoother business operations, improved team building, and improvement of the end-to-end supply chain ecosystem.
“More than $30 billion fashion and beauty markets in Indonesia are served by small and medium players. Through aggregation, process improvements, and technology implementation, we can help those players to have more efficient supply chain processes, so they can focus more on leveraging and growing their business,
“It becomes our goal since day one and it is reflected to our outstanding growth and successful profitability that we have achieved so far,” said Adrian Gilrandy, Co-Founder and Chief Executive Officer of Praktis.
The statement claims that Praktis saw significant growth, with annual growth rates of 12 times from 2020 to 2021 and 4 times from 2021 to 2022.
According to the company, every initiative has been successfully carried out because of product-market fit and addressing actual problems.
Additionally, it claimed that the COVID-19 pandemic ends up being a blessing in disguise for the business because it quickens the adoption rate to market.
“We are thrilled to double down our investment in Praktis as they strive to empower direct-to-consumer (D2C) brands in Indonesia and hit profitability much faster than we expected,
“We have complete confidence in Praktis’s ability to revolutionize the supply chain solutions industry in Indonesia as they assist businesses to expand and bring positive impacts to society,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
In order to provide straightforward, effective, and dependable operations for D2C brands and suppliers, Praktis’ services include the procurement of raw materials, production, fulfillment, and logistics with technology enhancement.
With Praktis’ dependable technology and data-driven platform for a seamless supply chain, it enables brands to concentrate on their core competencies while leaving the rest of their business operations in Praktis’ capable hands.
Praktis recently welcomed Leonard Pontoh as Chief Financial Officer as a new member of its board of directors in an effort to improve the company’s capacity and get ready for growth.
He brings a strong foundation in public accounting and more than 12 years of experience working for numerous well-known start-up businesses.
East Ventures, a venture capital firm founded in 2009, is industry-neutral and has evolved into a platform that offers multi-stage investments, from Seed to Growth stage investments, for more than 300 tech companies throughout Southeast Asia.
