On 3rd May 2021, Bibit, an Indonesian mutual fund investing application, raised USD 65 Million in a growth funding round. The primary investor in this round was Sequoia Capital India.
The other investors that participated in this round were Tencent, Prosus Ventures, Ac ventures and East Ventures. In January, the company had raised USD 30 Million in the first growth round led by Sequoia Capital India.
Except for these two funding rounds, Bibit raised USD 15 million in the Series A funding round in 2019, making the total fundraised amount of the company USD 110 Million.
Purpose of the fundraise –
Bibit will use the latest fundraised amount to evolve and launch the company’s financial education services and a few other new products.
Words from the Investors –
“Indonesian mutual fund customers have grown almost 10x in the past five years. Savings via mutual funds is the first step towards investing, and Bibit has helped millions of consumers start their investing journey responsibly. Sequoia Capital India is excited to double down on the partnership as the company brings the same customer focus to stock investing with Stockbit.” – Rohit Agrawal, Vice- President Sequoia Capital.
About the company –
Stockbit, a stock market investing platform, launched Bibit in 2019. This company is also a part of the Indonesian investing application corp, which focuses on new and young investors. Bibit aids investors by running a Robo-advisory service for mutual funds.
It intends to provide capital investment in a more accessible way than traditional brokerage. It also focuses on delivering assets with a minimum investment amount; this led to the increment of new retail investors and an average transactional value.
Despite the ongoing pandemic, the stock market is attracting more new investors. The app focuses on providing the type of content which are less intimidating for first-time capital investors.
Bibit says the investors in Indonesia have grown 78% after all these years and came up to a value of 3.2 Billion, based on the data provided by the Indonesian Stock Exchange. Despite the growth of the stock market in Indonesia, only 2% of people are totally familiar and educated in the country to invest in stocks. It will help to educate and aware more and more people as there is a lot of room to grow.
“We believe that all Indonesians deserve a better future. Enabling people to invest helps achieve that,” said Sigit Kouwagam, CEO.
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