Bibit, an Indonesian investment platform, has raised $65 million in a Series B funding round led by Sequoia Capital India. The round also included participation from existing investors such as Prosus Ventures and Tencent masstamilan.
Bibit was founded in 2019 with the aim of providing easy investment opportunities to Indonesians. The platform offers various investment options, including mutual funds and exchange-traded funds (ETFs), with a minimum investment amount of just 10,000 Indonesian rupiah (about 70 cents USD).
According to Bibit, it has attracted over 4 million users to date and has seen significant growth in recent months. The platform saw a 100% increase in new investors and a 300% increase in transaction volume in the first quarter of 2021 alone myvuhub.
The funding round will be used to further expand Bibit’s services and product offerings, as well as to grow its team. The company plans to double its team size by the end of the year.
Bibit’s success comes at a time when investment platforms are becoming increasingly popular in Southeast Asia. As more people in the region gain access to smartphones and the internet, they are seeking out new ways to invest their money. In addition, the COVID-19 pandemic has accelerated the shift towards digital investing, as people have been forced to work and shop from home teachertn.
Sequoia Capital India, one of the largest venture capital firms in the country, has been active in investing in Southeast Asia in recent years. The firm has made several investments in Indonesian startups, including ride-hailing giant Gojek and online travel agency Traveloka.
In a statement, Shailendra Singh, Managing Director at Sequoia Capital India, said, “Indonesia is a high-growth market with an increasing number of digitally savvy millennials seeking out investment opportunities. Bibit has built a platform that is making investing accessible and easy for everyone, and we are excited to support the team as they continue to scale pagalsongs.”
Bibit’s success is a testament to the growing interest in investing in Indonesia, which is the fourth most populous country in the world and has a rapidly growing middle class. With the country’s economy projected to grow at a rate of 5.3% in 2021, there is plenty of potential for investment platforms like Bibit to continue to thrive yareel.
In conclusion, Bibit’s latest funding round is a significant milestone for the Indonesian investment platform, which has quickly become one of the most popular investment platforms in the country. With the backing of Sequoia Capital India and other investors, Bibit is well positioned to continue its growth and expansion, providing more Indonesians with access to investment opportunities.