Indonesian ecommerce firms Sinbad and Tjufoo merge, aim for IPO

Indonesian ecommerce firms Sinbad and Tjufoo merge, aim for IPO

Indonesia-based brand aggregator Tjufoo and B2B ecommerce firm Sinbad are merging, with the deal set to be finalized by June. Both companies will retain their respective brands, but they will have a new parent company called Horizon Group.
TJ Tham, Tjufoo’s co-founder and CEO, will lead Horizon Group. He said that the group will raise funds and plan an IPO.
With the merger, Sinbad aims to become a standalone brand, as opposed to just a distributor of other brands. Meanwhile, Tjufoo will primarily handle the group’s distribution aspects.
Founded in 2022, Tjufoo calls itself a “house of brands” offering distribution services, research and analytics, and an optimized supply chain infrastructure for small businesses in Indonesia. Tham founded the company after leaving Grab, where he served as CEO for GrabWheels, among other roles.
Tjufoo first raised an undisclosed amount of seed funding in 2022 in a round led by TNB Aura. It then extended that round with a US$2.1 million fundraise in January 2024 from Binus Investama and other investors.
Meanwhile, Sinbad’s platform allows retailers to order items, primarily fast-moving consumer goods, directly to manufacturers. The company raised US$5.5 million in series A funding in 2022, according to Tracxn data, and counts the likes of Centauri Fund and KB Financial Group as investors.
While several ecommerce roll-up players have struggled in recent times, Tjufoo says that it is profitable. Other peers have also thrived: Singapore-headquartered Una Brands, for instance, hit EBITDA profitability earlier this year.

Written by: Elyssa Lopez

8 May 2024