25th June 2022
Digital Solutions Hydroponics

Astro Banks A $60M Series B funding

Astro Indonesia

Astro, an Indonesia platform enabling 15-minute grocery delivery to customers, announced on Monday that it secured a USD 60 million Series B funding round led by Accel, Citius, and Tiger Global, bringing its total investment to more than $90 million since it started in September 2021. The round has also seen participation from existing investors including, AC Ventures, Global Founders Capital, Lightspeed, and Sequoia Capital India also participated in the round, as per Astro’s press statement.

Since the last funding round, the company has grown its revenue tenfold and achieved higher efficiency in delivering to customers. Now operating in 50 locations in Jakarta Broader Metro Area (Jabodetabek), the team has also grown to 200 people.

Their platform has seen unprecedented growth with nearly 1 million downloads within the first 6 months. Recent cohorts have also shown increasingly higher stickiness and usage over time, resulting in growing overall spending on the platform.

“Our mission at Astro is to make people’s lives simpler and easier. Our Astronauts have continuously served customers when they need us the most, especially during the last Omicron COVID-19 spike where Indonesia experienced an unprecedented number of cases. We are excited to partner with Accel, Citius and Tiger Global to accelerate our meaningful mission. We will continuously focus on building a great company with great talents across Indonesia and delivering great customer experience,” said Vincent Tjendra, Co-Founder and Chief Executive Officer at Astro.

According to the statement, the young company collaborates with local businesses to launch its private label. The initiative is an extension of the company’s effort to collaborate with local farmers and access customers provided that its hydroponic and fresh fruits and vegetables selections within 15 minutes.

In addition to the promise of 15-minute deliveries, Astro offers 1,500+ stock keeping units (SKUs) at competitive prices available 24/7 on the app. The app is built keeping accessibility for customers across all age groups in mind, ensuring that it is simple and straightforward for many first-time e-grocery shoppers. Key features include a three-click checkout – browse for product, add to cart, and pay; personalized experience which enables ease of product discovery; guaranteed customer satisfaction – damaged/incorrect items can be replaced within 15 minutes.

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