Bandung-headquartered social commerce platform startup Evermos recently announced that it had successfully closed an oversubscribed Series A funding round in which it managed to raise US$8.2 million in funds. Jungle Ventures, a Singapore-based early-stage venture capital firm that is one of the largest in Southeast Asia, led the funding round, which also saw the participation of existing investor Alpha JWC Ventures, an Indonesia-based venture capital firm with a focus in the fintech and consumer tech space, and Shunwei Capital, an early-to-mid stage venture capital firm started by smartphone company Xiaomi’s founder, Lei Jun, and his partner Tuck Lye Koh. The Shariah-compliant commerce startup will use the newly acquired funds to fuel the expansion of its online reseller network, strengthen and solidify its position in the online Islamic ecosystem and economy, and further advance its growth by forming more strategic partnerships and collaborative efforts with businesses and organizations.
According to Iqbal Muslimin, chief executive officer and co-founder of Evermos, the end-to-end commerce solutions platform pans to leverage on the massive boom in demand for Muslim-friendly, halal and Shariah-compliant products and services to look for new opportunities in the market and ignite its growth and expansion efforts, helped along by the Indonesian government’s friendly and encouraging stance which is reflected in its supportive policies and initiatives and flexible framework of laws and regulations.
Indeed, it is projected that the demand for halal-certified and Shariah-compliant products and services in the market is going to reach nearly US$3.8 trillion by 2022, which is an almost two-fold increase from the US$2 trillion in 2016.
Elaborating further, Mr. Muslimin said that another factor that it wants to capitalize on is the fast-paced growth of Indonesia’s digital and online economy, which is also fueling the demand for digital halal-certified and shariah-compliant products. Therefore, he says that the Shariah economy and Indonesia’s digital economy can grow in tandem with each other, harnessing the immense potential and opportunities presented by both economies to further each other’s expansion and development. By utilizing their startup’s technological prowess and capabilities to work alongside the Indonesian government’s supportive regulatory framework, Mr. Muslimin hopes Evermos to be part of the vanguard that will chart the progress and growth of the Shariah economy and ecosystem in Indonesia.
As Indonesia is a Muslim-majority nation with nearly 225 million adherents, which means it is home to 13% of the world’s Muslims, Mr. Muslimin believes that the growth and expansion of the Shariah economy will have a positive influence and constructive impact on Indonesia as a whole. Evermos will further keep up its focus and long-term work of developing a sustainable, user-friendly social commerce ecosystem and platform whereby their resellers and end consumers will get to work seamlessly and connect with local businesses and brand owners. Additionally, Mr. Muslimin stated that the startup will do its best to adhere to and comply with Shariah laws when dealing with its business partners.
Ilham Taufiq, co-founder and head of partnership of Evermos, said that the Indonesian social commerce startup has the capability to evolve its role from being a social commerce platform at present into an engine of growth that drives the economic development of the Muslim community. Some of the important Muslim-focused products and services that the startup will look into are Shariah fintech, social goods, ZISWAF (Islamic charity through zakat, infak, shadaqah and wakaf) and halal travel.
Evermos, the Indonesia-based social commerce startup, will help to accelerate and support the growth of the Shariah economy and ecosystem, which is accomplished by collaborating with local businesses and brands, and strengthening its position in the digital Islamic economy. By being at the forefront of growth, the ambitious startup looks to create a lasting and positive impact on the Shariah economic landscape.