Indonesian Agritech Semaai Raises US$4.7M, Sets Sights on Fintech Partnershipsby Fintech News Indonesia January 8, 2024
Indonesian agritech startup Semaai has secured US$4.7 million in a pre-series A funding round led by CyberAgent Capital, bringing its total funds raised to US$ 7.6 million.
The raise was also joined by Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC, and Heracles Ventures.
With the newly acquired funds, Semaai plans to forge collaborations with fintech institutions, focusing on advanced financial solutions to support the agricultural community.
Additionally, the startup plans to expand its footprint in Central Java, targeting coverage of 75% of the region’s villages by the end of 2024.
Semaai also intends to enhance its agronomy advisory services, which provide vital information on crop management, pests, and diseases.
The company reported that it has witnessed a fifteen-fold increase in net revenue and a significant expansion of its user base. Its Toko Tani marketplace has doubled in users, and the adoption rate of its advisory feature has surged eightfold in the last six months.
“With the new funding, our company will collaborate with financial institutions and fintech providers to expand our embedded fintech solutions, having already doubled Semaai’s total transaction volume in the last twelve months.
This is part of our goal to provide an integrated digital ecosystem that addresses disruptions in the supply chain and fills knowledge gaps for Indonesia’s agri-retailers and smallholder farmers,”
said Muhammad Yoga Anindito, Co-founder and CEO of Semaai.
Featured image: (From left) Semaai founders Muhammad Yoga Anindito, Gaurav Batra, and Abishek Gupta.