- AwanTunai raises $27.5M Series B, achieves profitability milestone.
- Efficient model drives growth for Indonesia lending startup.
- Total funding hits $71.5M with new investment.
AwanTunai, an Indonesia-based lending company, has raised US$27.5 million in a Series B round led by Norwegian sovereign fund Norfund, Japanese corporate VC firm MUFG Innovation Partners, and Finnish impact investment vehicle OP Finnfund.
The company recently achieved positive EBITDA and plans to use the new funds to strengthen its equity base and expand its lending capital facilities to cover over US$2 billion worth of annualized inventory purchase financing by the end of the year.
Efficient business model drives growth
Co-founder and CEO Dino Setiawan stated that AwanTunai only needs to grow its volumes to around 3 trillion rupiah (US$193 million) a month to achieve initial economies of scale, highlighting the efficiency of the company’s business model compared to alternatives in the market.
Founded in 2017 by Setiawan and ex-Gojek executives Windy Natriavi and Rama Notowidigdo, AwanTunai provides loans to grocery suppliers and traders in Indonesia.
Total disclosed funding reaches US$71.5 million
This latest round brings AwanTunai’s total disclosed funding to US$71.5 million, according to the Tech in Asia database.
The company previously raised US$8.5 million in Series A funding from the International Finance Corporation, Global Brain, and Insignia Ventures Partners.
To read the original article in its entirety: https://www.techinasia.com/awantunai-bags-275m-positive-ebitda
