AlloFresh Officially Founded by CT Corp, Bukalapak, and Growtheum

PT Trans Retail Indonesia (part of CT Corp), PT Bukalapak.com Tbk, and GrowtheumCapital Partners (AlloBank investor) will soon launch the “AlloFresh” grocery platform.

This plan was announced by Chairul Tanjung in January 2022 — at that time CT only said it would create a joint venture in the online grocery sector, not revealing the brand to be used.

The investment value made by the company for the development of this platform is IDR 1 trillion (equivalent to $ 70 million). According to a Bloomberg source, Trans Retail owns 55%, Bukalapak 35% and Growtheum 10%.

Currently, the AlloFresh (PT Allo Fresh Indonesia) website can be accessed, presenting around 50 thousand product SKUs in 144 categories. Most are fresh produce and daily necessities.

It was also explained that the delivery process on the service would take 3 hours or faster, just like quick commerce. In its initial phase, AlloFresh has served users in the Greater Jakarta area.

On LinkedIn, we also monitor the sharing of resources for the development team, both in terms of Trans Retail and Bukalapak, to focus on AlloFresh.

Allo Brand Brand Ecosystem

The collaboration between CT Corp and Bukalapak does not stop here. This is because Bukalapak and a number of other digital startups have taken corporate actions to buy some shares of AlloBank (IDX: “BBHI”). Bukalapak itself acquired the largest percentage of shares in the action, which was equal to 11.49%.

To be precise, since June 2021, Bank Harda Internasional has changed its name to Allo Bank Indonesia. His passion is to provide integrated application solutions through Allo Apps, to meet user needs ranging from financial, meeting needs, to entertainment.

This mission seems to be starting to be realized now, by establishing an application ecosystem under the Allo brand, starting with the grocery platform.

Market Competition

The presence of AlloFresh adds to the fierce competition for online grocery services in Indonesia. Previously, a number of startups started showing off earlier this year, offering the concept of quick commerce, including Astro, Bananas, JaPang, to Radius.

Meanwhile, other players such as HappyFresh are also tightening their product and market expansion strategies – some are adding to their funding coffers, one of which is KedaiSayur. In the e-commerce segment, the platforms also have a special strategy in the grocery sector.

For example, Blibli and Blibli Mart – last year they also acquired a majority stake in the parent Ranch Market with the aim of strengthening their supply chain of fresh products. Shopee has also operated Shopee Supermarkets in Indonesia, facilitating the purchase of various daily necessities quickly.

Unlike other players who take goods from their grocery partners, they build inventory warehouses in various places to accommodate the need for fast delivery.

Bukalapak Invests IDR 777.78 Billion in AlloFresh

PT Bukalapak.com or Bukalapak (BUKA) with PT Trans Retail Indonesia and BeraniInvestment Pte. Ltd. (BIP) has formed a joint venture company. The merged entity is named PT Allo Fresh Indonesia or AlloFresh.

The Corporate Secretary of PT Buklapak.com Tbk, Perdana A Saputro said that the investment value made by the Company was Rp. 777.78 billion.

“The paid-in capital used by the Company to invest in PT Allo Fresh Indonesia comes from the internal cash available in the company,” said Perdana in an information disclosure on the Indonesia Stock Exchange (IDX), written Thursday (3/3/2022).

PT Allo Fresh Indonesia is a company engaged in the business of trading daily necessities online through the AlloFresh platform. The platform was officially launched Wednesday, March 2, 2022, and can be downloaded for both IOS and Android users.

The company owns 35 percent or 77,531,126 AlloFresh shares worth Rp 77.53 billion. Furthermore, Trans Retail Indonesia as many as 121,834,627 pieces worth Rp 121.83 billion or 55 percent. And the remaining 20 percent or 22,151,750 pieces worth Rp 22.15 billion is owned by BIP.