Daily Brief Indonesia: Adi Sarana Armada, Komunal Financial Indonesia PT, Semaai and more

In today’s briefing:

Adi Sarana Armada (ASSA IJ) – Leading Player in People and Goods Mobility
Komunal lands US$5.5M in Series A+ round to digitalise rural banks in Indonesia | e27
Semaai nets US$4.7M to expand its agritech, fintech solutions to Central Java | e27

Adi Sarana Armada (ASSA IJ) – Leading Player in People and Goods Mobility

Adi Sarana Armada (ASSA IJ) represents one of the most interesting plays on people and goods mobility and end-to-end logistics in Indonesia, being market leaders in auto leasing and auctions.
Revenues slowed in 9M2023 due to a slowdown in Anteraja because of slower e-commerce but other areas saw strong growth, especially its auction and used car business.
Adi Sarana Armada continues to build its renamed Cargoshare end-to-end logistics business with new customers and a move into cold chain logistics. Valuations are attractive relative to growth.

Komunal, a fintech company offering neo-rural bank services in Indonesia, has raised US$5.5 million in a Series A extension funding round led by Sumitomo Corporation Equity Asia.
Jafco Asia, Skystar Capital, Sovereign Capital, and Gobi Partners co-invested.
With the Series A+ funding, the startup aims to drive financial inclusion in Indonesia by digitalising rural banks.

Indonesian agritech startup Semaai has secured US$4.7 million (approximately IDR 73 billion) in a mix of equity and debt financing led by CyberAgent Capital (Japan).
New investors Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC, and Heracles Ventures, besides existing backers Peak XV’s Surge, Accion Venture Lab, and Beenext, participated.
This brings its total funding raised to date to US$7.6 million.

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