Indonesian B2B marketplace Ralali has wrapped the first tranche of its Series D funding round, raising an undisclosed amount.
As Tech in Asia reported Monday (March 21), the company says it is still open to strategic partnerships with companies in the banking, logistics, point-of-sales, and API industries. Ralali says it will use funding from this round to provide more services for its customers.
The Tech in Asia report cites data from VentureCap Insights that shows Ralali raised around $11 million in February month, bringing its valuation to north of $168 million.
Founded by Joseph Aditya in 2013, Ralali connects suppliers with small to medium-sized enterprises (SMEs) through its marketplace.
But rather than primarily catering to mom-and-pop stores — the way its rivals Warung Pintar, Gudang Ada and Ula do — Ralali says it follows a model similar to the Alibaba marketplace, which connects suppliers and wholesalers with buyers in several categories, including agriculture, automotive and building materials.
Last year, Ralali said it hoped to raise $50 million in the Series D. Around the same time, the company reported it had more than 1.5 million customers using its platform. Over the years, it has expanded its business to include healthcare, private label, and social commerce brands, with the goal of reaching 6 million end customers by the end of this year.
Ralali also recently debuted an agent-based network called Ralali Agent and acquired
East Ventures-backed healthy noodle brand Fitmee. According to the Tech in Asia report, Ralali says its total transactions on its platform grew almost threefold compared to the same period in 2020. Investors in the Series D have included Bee Accelerate and SBI Group, with participation from ICMG Partners, Beenos Asia, and Arbor Venture.