Established in 2012, GiftCard Indonesia now caters to some of the county’s largest companies, including Astra International.  (JG Photo/Afriadi Hikmal)

GiftCard Indonesia Secures $2m in Funding

JANUARY 19, 2015

Jakarta. GiftCard Indonesia, an online gift voucher provider operated by Aksi Visitama secured a $2 million Series A funding round from a syndicate of investors to help expand its businesses, GiftCard said in a statement last week.

The round was led by a group of investors organized by US-based venture capital firm Sovereign’s Capital. The investors include Lippo Digital Ventures, Sinar Mas Digital Ventures, and RMK Ventures.

Series A funding refers to cash injections that typically come from venture capital funds or angel investors who are willing to take high risks for a company in its early stages of development.

“Our mission is to provide end-to-end solutions for the gift card ecosystem in Indonesia and expand through growth opportunities by adding new products and services in the gifting industry,” said GiftCard Indonesia chief executive and co-founder Antonius Taufan.

GCI provides multi-purpose gift cards that can be redeemed as a shopping voucher at some retailers, and even as a donation for charities.

Launched in 2012, the company quickly attracted large clients, thanks to its unique services. GCI now powers the gift and incentive programs of more than 100 corporate customers nationwide, including Astra International, Reckitt Benckiser, BRI Prioritas, AXA Mandiri, Allianz, Fuji Xerox, NET Media TV, Acer, Toluna Hongkong and Grass Roots Singapore.

The company recently added Lippo Group to its growing portfolio.

“The Indonesian digital ecosystem has reached critical mass and Lippo is excited to be partnering with GCI. We intend to pull together our retail synergies across Hypermart, Matahari, Lippo Malls and other businesses to accelerate growth and solidify GCI’s market dominance,” said Steve Patuwo of Lippo Digital Ventures, a multi-stage consumer-focused venture capital fund that invests in technology companies, primarily in Indonesia and Southeast Asia.

Lippo Digital is affiliated with the Jakarta Globe through the Lippo Group.

Luke Roush, managing principal for US-based Sovereign’s Capital is confident of GCI’s potential for further growth in Indonesia.

“We are excited to partner with GCI, as we believe strongly in the company’s leadership and the value that each investor brings to the table,” Roush said. “Our firm invests in outstanding leaders who have demonstrated market traction pursuing sizable growth opportunities.”