Indonesia’s Elevenia marketplace gets $50 million from existing investors
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Elevenia just raised another $50 million from its existing investors. The ecommerce marketplace is a joint venture of South Korean company SK Planet and Indonesian telco XL Axiata.
Elevenia launched in Indonesia in early 2014 with an initial capital of $18.3 million from each partner. It has since received multiple capital injections from its parents, bringing Elevenia’s total funds – including the latest round – to about $110 million.
The company claims to have clocked $95 million in revenue in 2015. It also says it has about 20,000 daily transactions and four million products listed from 30,000 sellers, with 40 million visitors.
That’s double the figures it released around its first anniversary in early 2015. At that time, Elevenia announced 20 million visitors a month, 18,000 sellers, and two million product listings. It did not release revenue figures for 2014.
Elevenia has been a steady yet somewhat quiet presence in Indonesia’s crowded ecommerce landscape. It competes alongside companies like Lazada, Bukalapak, Tokopedia, Qoo10, Rakuten, Blanja, Blibli and MatahariMall.
With fresh funds at hand, it plans to grow its team, increase its marketing efforts, improve its product and services, and move to a new office, the company said in a statement.
Questions & Answers
Q.Which companies are joint venture partners in Elevenia?
Which companies are joint venture partners in Elevenia?
Elevenia is a joint venture between South Korean company SK Planet and Indonesian telco XL Axiata. Both partners provided initial capital when the marketplace launched in 2014.
Q.How much total funding has Elevenia received to date?
How much total funding has Elevenia received to date?
Including the latest $50 million injection, Elevenia has now received approximately $110 million in total funds from its parent companies. They provided an initial $18.3 million each at launch.
Q.What are Elevenia's plans for the recently acquired funds?
What are Elevenia's plans for the recently acquired funds?
With the fresh funds, Elevenia plans to expand its team, enhance marketing efforts, and improve its product and services. The company also intends to move to a new office location.
Q.What was Elevenia's reported revenue for 2015?
What was Elevenia's reported revenue for 2015?
Elevenia claims to have achieved $95 million in revenue during 2015. The article does not provide any revenue figures for the year 2014.
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