An Indonesian startup, TaniHub Group, which aids the farmers to get a better price and get more customers, announced that it raised USD 65.5 Million in a Series B funding round. This Series B funding round was led by Telkom Group’s investment arm MDI Ventures, Telkom group is one of the largest telecom industries in Indonesia.
The other investors who participated in this round were Flourish Ventures, Openspace Ventures, UOB Venture Management, Vertex Ventures, Tenaya Capital, Intudo Ventures, Add ventures, and BRI Ventures.
Intudo and Openspace are returning investors for TaniHub, as they were part of its Series A funding round in May 2019 in which it raised USD 10 Million. The company currently values USD 94 Million.
Words from the investors –
“TaniHub Group has an important role in transforming the agriculture sector and has proven that its presence can deliver a positive impact on the quality of life of farmers. We hope our investment can help them continue their work and expand their coverage to more and more farming communities in Indonesia.” – MDI Ventures director of portfolio management Sandhy Widyasthana.
About TaniHub –
TaniHub was founded in the year 2016 by William Setiawan, Pamitra Wineka, Oki Setiawa, Miftahul Choiri, Michael Jovan Sugianto, Ivan Arie Sustiawan, and Edwin Setiawan. The company is an agritech platform providing a B2B marketplace that connects the farmers with hotels, food, catering business people and restaurants.
The company says that it was able to get a revenue of 600% in 2020 because of the increased demand for online groceries.
“More than 100 data points are considered when doing the credit risk assessment. For example, to cultivate financing products, TaniHub is based on agriculture risks and market risk of each commodified tailors each credit society, on top of the typical borrower E-KYC scoring and process,” he explained. Beyond credit scoring, having TaniSupply and TaniHub as standby buyers within the ecosystem also helps to mitigate the risk of each loan. TaniFund aims to further boost its credit scoring system with smarter data processing and better machine learning models.” – Pamitra Wineka, President and Co-founder, TaniHub.
For the aftermath of the ongoing crisis on the business, the president, Pamitra Wineka said –
“We postponed our branch expansion plan and focused on increasing the seven existing warehouses’ since there was a surge of demand on the B2C segment and the process of onboarding farmers. This benefited us since the adoption of purchasing fresh groceries online increased significantly, and the willingness of farmers to work with us became remarkably high because the local traditional markets were closed due to lockdowns. Since COVID-19, the eagerness of provincial governments to open communications for TaniHub to work with local farmers and SMEs in their region has been quite impactful.”
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