Total amount raised
$91.6 Millions
Latest funding date
7/1/2023
Location
ASTRO has successfully raised funding through multiple rounds, with notable investors including Endeavor Indonesia and Accel. The platform specializes in quick commerce, delivering groceries and essentials within minutes.
Keep reading to explore the intricacies of ASTRO's fundraising journey and the investors backing this innovative platform.
What Is ASTRO?
Founded in September 2021, ASTRO is a quick commerce start-up based in Grogol, Jakarta Raya, Indonesia. The company specializes in delivering groceries and essentials within minutes, aiming to simplify lives through speed and convenience.
ASTRO was founded by Jessica Jap, Marcella Moniaga, Sherlyn Gautama, Vincent Tjendra, and Wandi Budianto. The platform embodies boldness, innovation, and agility, inspired by real astronauts.
With a workforce of 501-1000 employees, ASTRO is Indonesia’s first and fastest-growing quick commerce platform, operating 24/7 to meet various daily needs.
How Much Funding Has ASTRO Raised?
- Seed Round
- Amount Raised: $4.6M
- Date: November 2021
- Lead Investors: AC Ventures, Global Founders Capital, Lightspeed Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the initial infrastructure and launch the platform.
- Series A
- Amount Raised: $27M
- Date: January 2022
- Lead Investors: Accel, Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and enhance technology capabilities.
- Series B
- Amount Raised: $60M
- Date: May 2022
- Lead Investors: Accel, Citius, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business, reach more customers, and enhance product capabilities.
- Non-Equity Assistance
- Amount Raised: -
- Date: July 2023
- Lead Investors: Endeavor Indonesia
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To receive strategic support and mentorship.
Total Amount Raised: $91.6M. Current Valuation: Not publicly disclosed.
Key Investors
- Endeavor Indonesia
- Details: Endeavor Indonesia is part of a global organization that supports high-impact entrepreneurs. They provide strategic support and mentorship to help businesses scale.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Tokopedia, Bukalapak.
- Accel
- Details: Accel is a global venture capital firm known for investing in technology companies at all stages. They have a strong track record of backing successful startups.
- Investment Focus Areas: Technology, software, internet.
- Notable Investments: Facebook, Dropbox, Slack.
- Citius
- Details: Citius is a venture capital firm that focuses on early-stage technology companies. They aim to support innovative startups with high growth potential.
- Investment Focus Areas: Early-stage technology, software, internet.
- Notable Investments: Specific notable investments not listed.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that deploys capital globally in both public and private markets. They are known for their significant investments in tech giants.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Spotify, Stripe, ByteDance.
- Peak XV Partners
- Details: Peak XV Partners is a venture capital firm that invests in early to growth-stage companies in India and Southeast Asia. They focus on sectors with high growth potential.
- Investment Focus Areas: Technology, consumer, healthcare.
- Notable Investments: OYO, Byju's.
What's Next for ASTRO?
ASTRO is poised to capitalize on the burgeoning quick commerce market in Southeast Asia, particularly in densely populated urban areas. With the e-grocery market in Indonesia projected to reach $6 billion by 2025, the company has significant room for growth. Expanding its 15-minute grocery delivery service to more locations and diversifying product offerings beyond groceries are key opportunities.
Future fundraising rounds are likely as ASTRO scales and demonstrates growth, attracting both local and international investors. However, the company will need to navigate intense competition and logistical challenges to maintain its rapid delivery promise. Ensuring high customer satisfaction and operational efficiency will be crucial as it expands.
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