- Indonesian ecommerce firms Tjufoo and Sinbad merge to form ‘Horizon Group’.
- Tjufoo to lead distribution, Sinbad to operate standalone beyond distribution.
- Ex-Grab executive TJ Tham to helm the profitable combined entity.
Double trouble for Indonesian e-commerce
Brand aggregator Tjufoo and B2B ecommerce firm Sinbad join forces, with the merger set for finalization by June under new parent ‘Horizon Group.’ The combined entity aims to raise funds and chart a path toward an IPO.
While retaining their respective brands, Sinbad will operate as a standalone, moving beyond distribution.
Tjufoo will spearhead the group’s distribution aspects, leveraging its supply chain infrastructure and analytics capabilities for Indonesian SMEs.
Seasoned captains at the helm
Tjufoo co-founder TJ Tham, an ex-Grab executive, will lead Horizon Group. Tham’s startup had raised $2.1 million this January after a previous undisclosed seed round, while Sinbad secured $5.5 million in Series A funding last year.
Bucking trends of struggling ecommerce roll-ups, Tjufoo claims profitability, echoing the recent EBITDA milestones of Singaporean peer Una Brands.
With the merger, the firms aim to create an ecommerce juggernaut in Indonesia’s thriving market.
To read the original: https://www.techinasia.com/indonesian-ecommerce-sinbad-tjufoo-merge-aim-ipo
