Otoklix Secures Series A Funding Worth 143.5 Billion Rupiah
After receiving initial funding worth $2 million or equivalent to 28 billion Rupiah at the end of 2020, the online-to-offline solution platform that digitizes the automotive aftermarket industry in Indonesia “Otoklix” has again received series A funding worth $10 million or equivalent to 143.5 billion Rupiah.
This round was led by Alpha JWC Ventures and AC Ventures. Also participating were previous investors, namely Surge (Sequoia Capital India), Ex-CEO of Astra International Prijono Sugiarto, Co-founder of YouTube, and Google Executives at XA Network Steve Chen.
This fresh fund will be used by the company to improve touchpoint technology by managing flagship workshops with the O2O concept throughout Indonesia.
Otoklix Co-founder & CEO Martin Suryohusodo said that his party is trying to build an automotive ecosystem, not just as a platform. Therefore, an O2O Managed Flagship Workshop is needed which Otoklix can provide as a customer experience guarantee.
“After we build the flagship workshop ecosystem with the customer experience we expect, it is the beginning before we use the ecosystem to expand to other adjacent markets,” said Martin.
According to him, in every business, anyone who has an ecosystem will become a market champion. That is why Indomaret until this moment cannot be replaced.
In the past year, the company claims to have grown from 100 to more than 1,900 partner workshops, providing services to more than a hundred thousand customers annually.
Through an all-in-one application and an integrated ecosystem of manufacturers, distributors, retailers, and workshops, Otoklix provides answers to the challenges faced by customers and workshops at the same time.
“We are excited to join the Otoklix team to build the best company and product for the market,” said Jeffrey Joe, Co-founder & General Partner of Alpha JWC Ventures.
Business Growth During Pandemic
Since its inception in 2019, Otoklix has closed the gap between car owners and Indonesia’s fragmented and independent car repair department. The company aims to transform the consumer vehicle maintenance experience, provide enterprise software solutions to workshops, and save procurement.
With the business growth that has been achieved, Otoklix has the potential to become the largest after-sales service network in Indonesia. During the pandemic, the automotive industry was one of the most affected markets.
With decreased mobility, which resulted in many workshop closures during PPKM. “But now, we have not only recovered business growth, we have grown even more. Our revenue has increased by 5x in November 2021 compared to November 2020,” said Martin.
He added that seeing the rapid recovery of the automotive industry, Otoklix wanted to make sure it grew even faster. But focus on strengthening the core.
So in the first and second quarters of 2022 the company will focus on being top of mind when servicing cars. This will be Otoklix’s strategy playbook for penetration into other markets outside Jabodetabek.
“In 2022, we will develop from a platform to become a consumer brand. In 2022, we will establish Otoklix flagship workshop, launch private label products, seamless experience using technology for all consumers in all major cities on the island of Java,” said Martin.
Two founders of startup Otoklix are on the Forbes list under the age of 30. They are Joseph Alexander, 26 years old and Martin Reyhan Suryohusodo, 23 years old.
Joseph and Martin are on the Forbes list in the manufacturing and energy industries category. This is because the company that was initiated is a digital platform for a vehicle repair network.
Based in Jakarta, Otoklix is considered to have grown rapidly in just 2 years. The company is becoming an important player in Indonesia’s large but fragmented auto repair market.
Otoklix is a digital platform that connects vehicle owners with vehicle repair shops. At least 600 repair shops have joined. Even in one month, Otoklix can provide services for 10,000 cars.