Not U-turn, but Uway
A new round of financing plans is on for the Indonesian e-commerce platform "Uway". The company spoke of a sum of USD 500 million financing and continued that "Uway's goal is to create a fully optimised supply chain that allows every consumer to get the goods they need in the most convenient way possible."
The investments include more technology tools to provide better forecasting and inventory management, but also more resources for advertising and promotion. To support the merchants, Uway will also set up a startup support fund.
According to the figures of the International Trade Administration, Indonesia has one of the highest rates of e-commerce adoption in the world in 2020. As many as 90% of internet users aged 16 to 64 years in the country have purchased products and services online. Indonesia’s e-commerce market was over USD 30 billion in gross market value (GMV) in 2020 and is expected to increase to USD 83 billion in 2025. (cd)