5Y News | Indonesian E-Commerce Solutions Provider *Desty* Announces $5 Million New Funding Round
Indonesia's leading social commerce tool.
Social commerce solutions provider Desty, headquartered in Indonesia, announced it has raised $5 million in a Pre-A+ round led by East Ventures (Growth), with participation from Jungle Ventures and existing shareholders. The company will use the funds to accelerate product development and business expansion, with plans to roll out innovative products in the coming months. 5Y Capital previously led Desty's $3.2 million Pre-A round.
"Overseas e-commerce markets are one of the directions we've been paying attention to and investing in over the past two years," said Haichuan Hu, Vice President at 5Y Capital. "In emerging markets like Southeast Asia, the massive paradigm shift in e-commerce is still unfolding rapidly. We see strong potential in teams like Desty that can leverage China's advantages while maintaining strong localization capabilities. Desty is building high-quality connections within a rapidly flourishing ecosystem, empowering vast numbers of small merchants — and behind these connections, many interesting things are emerging and growing."
Founded in October 2020, Desty was co-founded by CEO Mulyono, an Indonesian e-commerce veteran who spent years at Alibaba and has venture capital experience, and COO Bill, who worked at Alibaba for 17 years and brings extensive overseas e-commerce expertise. Desty focuses on providing products and services for online presence to KOLs, e-commerce and brand sellers, and creators across Indonesia's industries — including creating personalized marketing pages (desty page) and building online stores (desty store). Users can easily create a clickable landing page in five minutes for free and set up their own independent online store.
Desty core team
"Desty was founded during the COVID-19 pandemic, right at the moment when digitalization was penetrating society at massive scale," said Mulyono Xu, co-founder and CEO of Desty. "Merchants, KOLs, and creators are increasingly using digital platforms — digitalization is becoming more and more important to them. Desty believes we will soon aggregate over 1 million merchants, KOLs, and creators. Some merchants are already making Desty their primary sales channel, surpassing other common e-commerce platforms."
In Indonesia, more and more merchants are embracing and becoming increasingly sophisticated with e-commerce and digitalization. During the pandemic, Indonesian e-commerce grew rapidly, with gross merchandise value (GMV) expanding to $52 billion and projected to reach $104 billion by 2025. Riding this massive wave, Desty is rising quickly. Over the past six months, Desty has seen high-speed growth in traffic and GMV, with monthly growth rates of 60% and 50% respectively.
"Desty is already Indonesia's leading social commerce tool, and we're glad to have more top-tier investors believe in our vision for the future," Mulyono added. "This financing marks Desty's third round in one year. We currently have a team of over 60 people and are seeking more talent to join us in creating more value and impact for the Indonesian public." Currently, approximately 50% of Desty's users are merchants, while 30% are KOLs and creators across various fields.
5Y Capital (formerly Morningside Venture Capital) currently manages approximately RMB 32 billion across USD and RMB dual-currency funds. 5Y Capital seeks out, supports, and inspires founders who dare to stand alone, providing support from the spiritual to the operational. We believe that if the "crazy" you in others' eyes begins to be believed in, the world will become a different place.
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