Fintech Company Stripe’s valuation soars to US$ 95B

Indonesia-based restaurant management company Esensi Solusi Buana (ESB) raised US$ 3 million in a Series A funding round on 14 March 2021.

Investors: The funding round was led by Beenext, with participation from AC Ventures and Skystar Capital.

Purpose of the funding: The funding will be utilized to onboard suppliers for the B2B supply chain. The company is also planning to use artificial intelligence to identify recurring customers so that restaurants can upsell to them.

About Esensi Solusi Buana

Founded in 2019, by Gunawan Woen, Eka Prasetya, Setiadi Prawiryo and Dwi Prawira, ESB’s cloud-based technology helps restaurants to reduce the time taken to serve customers by eliminating errors in information entry and also provide a hygienic ordering solution. ESB provides financing services to restaurants by teaming up with lending companies, helping them to pay their suppliers or receive funding to set up new outlets.

ESB aims to address the problems faced by the Food and Beverages industry that ropes in over US$ 57 billion in annual revenue. There are a number of issues to be addressed like inventory planning, disorganised waste management and fraud. It solves these issues through its software-as-a-service (SaaS) platform, which offers a full-stack solution including point-of-sale, enterprise resource planning, mobile ordering system and digital payment services. During COVID-19 lockdown, ESB helped the F&B businesses by launching a delivery platform that enabled restaurants to make independent deliveries and offer contactless dining.

ESB claims that it has generated over 20 million annual orders for customers within 6 months of launching its platform. ESB’s delivery platform charges a commission of about 5% to 10%, as compared to 20% charged by the big delivery platforms like food delivery platforms – Gojek and Grab. “The price of the inventory of restaurants is increasing and the salary of employees is also increasing. But they cannot increase the sales price at the same percentage as the cost growth. So that’s why this industry is suffering from net profit. They keep on losing net profit from year to year.” — Guanwan Woen, CEO of ESB.

ESB claims to have over 5,000 active paying users. Some of its clients include Ismaya Group, Boga Group and MAP Boga. The company is operating in Indonesia at present and is looking forward to expanding into the US and China.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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