Olsera Receives Initial Funding of 35.8 Billion Rupiah from Kejora-SBI Orbit Fund
Point-of-sales (POS) platform developer startup Olsera today (07/1) announced the acquisition of initial funding of $2.5 million or equivalent to 35.8 billion Rupiah from the Kejora-SBI Orbit Fund, a managed fund in collaboration between Kejora Capital (Indonesia) and SBI Holdings (Japan).
With this fresh fund, Olsera will continue to strengthen its technology infrastructure, recruit more talents, and help digitize the businesses of MSME players in more than 200 other cities in Indonesia.
Founded in 2014, Olsera claims to have served more than 10,000 MSMEs in 300 cities in Indonesia to digitize their business.
The solution presented by Olsera POS is not only limited to recording transactions, users are also assisted with ERP features which include inventory management, accounting, marketing, personnel, services, and other functions.
As fellow entrepreneurs, both of them understand very well that building and maintaining a business in times like these is not an easy thing.
“Since 2015, we ourselves have continued to learn and focus on one thing, how Olsera can help other entrepreneurs to grow even more by applying technology that makes managing their businesses easier,” said Olsera Co-founder & CEO Novendy Chen.
Variation of Finished Product Value Proposition
It is undeniable that in the realm of developing POS services, Olsera is dealing directly with many competitors. Call it Moka, Qasir, majoo, Pawoon, Youtap, iSeller, and many others. For this reason, it is important for each player to focus on emphasizing their value proposition.
For Olsera, product innovation is the key to providing added value to its users. In 2020, they launched the Zenwel service to make it easier for business actors in the service sector to manage online reservations.
Recently, they introduced the Olsera Store e-commerce enabler service to help MSMEs to be able to manage their sales online.
“During the pandemic, we saw quite a number of MSMEs being affected by sales because their businesses were still offline. We launched Olsera Store so that businesses can turn their offline stores into online so they can continue to run their business,” said Olsera Co-founder & CTO Ali Tjin.
Ali continued, “At the same time, business actors in the service sector suffer losses related to the implementation of social distancing. We wanted to help them, and so Zenwel grew.
Specifically designed for the service business line, Zenwel is equipped with calendar scheduling features, online reservations, CRM and loyalty programs to support their customer acquisition and retention.”
POS Player Competition
Globally, the global POS services market size has reached $10.39 billion in 2021, projected to grow 9.5% from 2021 to 2028.
Of course, this is a very large market, even so in Indonesia, the potential comes from the very large MSME ecosystem and becomes an important component in the national economy.
KemenkopUKM data shows that around 64.2 million MSMEs have contributed to the country’s economy by 61.07 percent or IDR 8,573.89 trillion. The government has also set an ambitious target, which is to bring about 30 million MSMEs into the digital economy by 2024.
As of September 2021, the Indonesian E-Commerce Association (idEA) noted that around 16.4 million (25%) had entered the digital ecosystem; almost doubled during the pandemic.
This potential encourages innovators to present the most relevant POS services, especially in the MSME segment. From our records, a number of POS players have also received support from investors, even two of them have exited through acquisitions and IPOs.
The online cashier startup that has been operating since October 2015 has opened representative offices in 14 cities spread throughout Indonesia. The 14 cities are: Batam, Jakarta, Tangerang, Bogor, Bekasi, Bandung, Semarang, Surabaya, Solo, Yogyakarta, Bali, Makassar, Malang, and Medan.