Desty, an Indonesia-based startup developing a comprehensive e-commerce solution for merchants, announced on Thursday that it has raised a new round of funding led by Square Peg.
This is in addition to funds raised from a pan-Asian investor base last year, including East Ventures, Jungle Ventures and 5Y Capital and other top angel investors in the region, Desty said in a statement.
He said he plans to leverage his new funding to continue product optimization, team expansion, and user acquisition.
“We are delighted that Square Peg is supporting us with their extensive experience investing in comparable business models across the globe. Indonesia has a very unique digital economy with notable fragmentation of merchant traffic, sales channels, payments and logistics,
“We are confident that our comprehensive approach to empowering merchants with our suite of enablement tools will address their pain points as effectively as possible.” said Desty co-founder and managing director Mulyono Xu.
Desty provides a suite of digital tools that helps merchants, from online sellers to foodservice (F&B) establishments, manage their businesses through a unified platform. The company is the leader in the Indonesian market, reaching nearly one million users with 33x year-over-year growth.
Over the past year, Desty has enhanced its multiple merchant activation tools and proprietary technology infrastructure to deliver a comprehensive e-commerce use case on Link-in-Bio (desty.page), a builder of online store (desty.store), a Digital Ordering Menu (desty.menu) and an Omni Channel Dashboard (desty.omni).
Over the past few months, Desty has rolled out new features that have improved merchants’ ability to manage transactions and has seen an average monthly gross merchandise value (GMV) growth of 250% in the last quarter.
Its solutions have quickly gained the trust of notable merchants such as Luna Habit and NAMA Beauty by celebrity-owned Luna Maya, Purnama Beauty by singer Lesti Kejora, Bakmi GM, Farrah Quinn, DAMN I Love Indonesia by Daniel Mananta, Janji Jiwa , Fore Coffee, Dore de Letao, iBox, Electronic City, Nacific, Bakmi GM, Old Chang Kee, Omija, Samjin Amook, Vilo Gelato, BudsOrganic, Titan Tyra, Nasi Kulit Syuurga, Kopi Nako and many more.
“We wanted to partner with Desty, not only because of the customer attraction and love we’ve seen so far, but also because of the technical and go-to-market talents that Muly and Bill have. Muly and Bill bring years of industry expertise and best practices that will help unlock economic opportunities for millions of small businesses in Indonesia and the rest of Southeast Asia,
“We are thrilled to partner with the Desty team in their mission to bring merchants online and help them operate seamlessly in Indonesia’s increasingly crowded e-commerce space.” said Piruze Sabuncu, Partner at Square Peg.
Square Peg is a global technology investment firm that manages over $1 billion in committed capital and has actively deployed over $200 million in Southeast Asia in companies including PropertyGuru, Finaccel, Pluang and Doctor. Anywhere over the past few years. Square Peg also operates in Australia and Israel, and has Canva, Airwallex and Fiverr in its portfolio.
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