Bezos likes Indonesia. Why doesn’t Amazon?

By Yunindita Prasidya Nadine Freischlad in Strait Up: PropertyGuru is finally going public, but… 🔔, 18 Feb, 22

On Wednesday, Indonesia’s software-as-a-service (SaaS) startup Lummo (formerly known as BukuKas) announced that Jeff Bezos, the founder of US-based e-commerce company Amazon, participated in its latest fundraising—an US$80 million Series C round. The startup is the second investment the second-richest person in the world has made in Indonesia through his personal investment firm, Bezos Expedition. Bezos’ first was an e-commerce startup called Ula, announced in October last year.

If you look at the two startups that Bezos has invested in, it’s clear that Bezos is interested in gaining exposure to the new breed of e-commerce players in Indonesia. Unlike the first generation e-commerce players that operate a customer-to-customer (C2C) marketplace model, Ula is a business-to-business (B2B) startup that caters to mom-and-pop stores while Lummo is a Shopify-like direct-to-consumer (D2C) platform.

In recent years, the spaces where Ula and Lummo operate have become among the hottest sectors to be in.

Subscribe to read this premium newsletter