Indian impact investor Aavishkaar Capital has invested more money in PT Tiga Elora Nusantara, which operates Indonesian omnichannel furniture retailer Fabelio, as part of the company’s Series C funding round.
Fabelio raised $9 million (about Rs 68.47 crore) in the round, it said in a statement.
Taiwanese venture capital firm AppWorks led this round. Endeavour Catalyst and MDI Ventures, which is backed by Indonesian conglomerate Telkom Group, also invested, apart from existing backer Aavishkaar.
Fabelio, set up in 2015, provides a wide variety of furniture. It also offers interior design services for offices and homes, and operates offline centres.
The company will use the capital to accelerate the development of its supply chain network, including logistics hubs and offline centres. It will also use the money to expand into newer markets this year.
“Fabelio has deep networks with artisans and manufacturers from local furniture-making centres in Indonesia,” Aavishkaar Capital partner EN Venkat said. “Their tremendous effort in empowering Indonesian MSMEs are the inspiration behind our involvement in their exciting omnichannel furniture business.”
Fabelio says that it is on track to achieve profitability by 2022, and that it has been unit economics-positive since late 2017. Its last round of fundraising took place in 2018, when it secured $6.5 million from investors led by Aavishkaar.
Aavishkaar Capital is part of the larger Aavishkaar Group, which says it is one of the world’s largest impact-focussed investors. It helps entrepreneurs via equity funding, venture debt, microfinance, investment banking intermediation, consulting, research and access to global networks.
Some of Aavishkaar Capital’s other investments this year include agri-tech startup Ergos Business Solutions Pvt. Ltd. and fintech startup Chqbook.com. Also this year, the investment firm fully exited from portable sanitation services firm Sara Plast.