SIRCLO Valuation, Funding & Investors

SIRCLO is valued at $343M as of June 2023.

Last SIRCLO valuation

$343M

Series C · Jun 2023

Last SIRCLO funding round

$38M

Undisclosed stage · Jul 2025

Cumulative funding SIRCLO raised

$171M

across 7 funding rounds

Key investors in SIRCLO

  • East Ventures
  • SMDV
  • OCBC Ventura
  • Sinar Mas Land
  • Vertex Ventures
  • Vertex Ventures Southeast Asia & India

SIRCLO Overview

About SIRCLO

SIRCLO is a Jakarta-headquartered e-commerce enabler in Indonesia delivering omnichannel platforms for businesses. It provides SIRCLO Store and IbuSibuk for entrepreneurs alongside enterprise tools like SIRCLO Commerce, ICUBE for analytics, Sooplai for supply chain management, and Orami for parenting products. The company maintains offices in Bandung, Yogyakarta, and Surabaya to support brands expanding online across Southeast Asia. Listed on the Indonesia Stock Exchange since 2022, SIRCLO powers digital commerce ecosystems including payment gateway QQPAY and POS system Qasir.


Founded

2013

HQ

IndonesiaJakarta

Website

sirclo.com

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Valuation

$343M (Jun 2023)

SIRCLO Valuation

SIRCLO is currently valued at $343M, based on its Series C in June 2023.

The $11M round was led by Vertex Ventures Southeast Asia & India, with participation from Living Lab Ventures.

SIRCLO's valuation has grown 3.0x from $116M at its Series B in May 2021 to $343M in June 2023, across 3 priced rounds.

SIRCLO valuation by funding round

SIRCLO valuation by funding round
DateStageValuation
Jun 2023Series C$343M
Sep 2021Series B$116M
May 2021Series B$116M

SIRCLO Funding History

SIRCLO has raised a total of $171M across 7 funding rounds.

SIRCLO's first fundraising round was a $5M Series A in March 2019. The most recent completed round was a $38M undisclosed-stage round in July 2025.

SIRCLO funding rounds

SIRCLO funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2025Undisclosed stageVertex Ventures; SMDV; East Ventures$38M-SIRCLO, an e-commerce enabler, secured US$38 million in additional funds from existing investors East Ventures, SMDV, and Vertex Ventures. This funding occurred amid a decline in Indonesia's startup investments. The round involved a downround, characterized by reduced share prices and increased liquidation preferences for investors. SIRCLO plans to use the capital to expand its e-commerce services. The announcement aligns with broader Indonesian tech sector developments in 2025, including new VAT and income tax regulations for crypto transactions effective August 1, 2025, under PMK No. 50/2025. Meanwhile, peers like Bukalapak reported strong H1 2025 financials with net profit of IDR 467.1 billion and revenue of IDR 3.09 trillion, while Blibli achieved 25% YoY revenue growth to IDR 4.9 trillion in Q2 2025 despite net losses. An earlier 2021 funding round saw SIRCLO raise US$36 million led by East Ventures and Saratoga, but details on that are separate from the 2025 event.
Jun 2023Series CVertex Ventures Southeast Asia & India (lead); Living Lab Ventures$11M$343MSIRCLO is an Indonesian e-commerce enabler providing all-in-one solutions to help businesses sell online, including Sirclo Store for SMEs with templated storefronts integrating sales across online stores, marketplaces, and WhatsApp, and Sirclo Commerce for corporate brands managing inventory, orders, and deliveries on platforms like Zalora, Shopee, and Lazada. The company serves over 25 million customers, hosts 150,000 brands, and works with global names like Unilever, Levi’s, and L'Oréal. It has made acquisitions including Warung Pintar for digital solutions to streetside stalls, Orami parenting platform in 2020, and ICUBE e-commerce firm in 2021. SIRCLO raised $10.5 million in a Series C round on June 16, 2023, led by Vertex Ventures Southeast Asia & India alongside Living Lab Ventures, pushing its total valuation over $342.8 million USD. The funding aims to enhance platform scalability and enter new markets. Prior rounds include a May 2021 valuation of $116 million and total funding of approximately $102.5 million to $134.5 million across seven rounds. Vertex Ventures focuses on high-growth startups in technology and consumer internet.
Feb 2023Undisclosed stageEast Ventures (lead); SMDV (lead)$30M-SIRCLO is an Indonesian e-commerce company founded in 2013, providing an omnichannel platform to help brands and retailers sell online, with tools for real-time data analytics, O2O initiatives, and financing solutions for MSMEs. The February 2023 funding round, identified as a Series B or Series Unknown, raised approximately USD 30 million led by East Ventures and SMDV, aimed at supporting regional expansion and technological advancements. This followed earlier rounds, including a September 2021 funding of US$36 million (IDR 515 billion) led by East Ventures (Growth Fund) and PT Saratoga Investama Sedaya Tbk. (Saratoga), with participation from Traveloka and Sinar Mas Land, to develop technological capabilities and accelerate retail digitalization in Indonesia. The February 2023 investment involved SMDV and East Ventures acquiring additional shares, enabling full exits for five earlier investors. Subsequent rounds included a June 2023 Series C of USD 10.5 million led by Vertex Ventures Southeast Asia & India to enhance platform scalability and enter new markets, and a July 2023 debt round. Overall, SIRCLO has raised around USD 132.5-134.55 million across 10 rounds from investors including East Ventures, SMDV, Saratoga, and others, reflecting confidence in its growth in Southeast Asia's e-commerce sector focused on early-stage technology and digital media.
Sep 2021Series BEast Ventures (lead); Saratoga Investama Sedaya (lead); Meranti Global Investment; OCBC Ventura; SMDV; Sinar Mas Land; Baltimore Investments; Traveloka$36M$116MSIRCLO is an Indonesian e-commerce enabler providing integrated technology solutions to businesses ranging from enterprises to micro-businesses, serving over 25 million customers and 150,000 brands. The company, founded in 2013, focuses on maximizing business potential through its super ecosystem for various stakeholders including end-consumers. The company's growth trajectory includes IT services and consulting, positioning it in Indonesia's competitive e-commerce enablement market. Subsequent rounds include a Series C for $10.5M on June 16, 2023, aimed at expansion in Indonesia. SIRCLO continued fundraising post-2021, with later rounds like a Series C - II for $38M on July 23, 2025, and a debt deal in September 2023.
May 2021Series BSMDV (lead); East Ventures$45M$116MSIRCLO is an Indonesian e-commerce enablement platform providing integrated solutions for brands to build and manage online stores, including storefronts, logistics, payments, and marketing tools. The company matches the query with its Series B-II round on May 7, 2021 (approximate date 07/05/2021), led by SMDV alongside participation from East Ventures, raising approximately $45 million USD. This funding aimed to accelerate growth and market penetration in Indonesia's burgeoning e-commerce sector. SIRCLO had previously raised in earlier rounds, building toward a total funding exceeding $100 million by 2023. Post-round, SIRCLO continued expansion with additional Series B extensions in September 2021 (IDR 515 billion led by East Ventures and Saratoga Investama Sedaya) and further rounds including $30 million in February 2023 from East Ventures and SMDV, and Series C in June 2023 led by Vertex Ventures. The company focuses on enabling SMEs and brands in Southeast Asia amid rising digital commerce demand.
Aug 2020Series BOCBC Ventura; Skystar Capital; Sinar Mas Land; East Ventures$6M--
Mar 2019Series A-$5M-SIRCLO raised $5 million in a Series A round in March 2019 led by Sinar Mas Land and Beenos Plaza, with participation from Skystar Capital and East Ventures. The funding aimed to expand market reach and enhance platform capabilities for its e-commerce technology serving small and medium-sized businesses in Indonesia. This followed seed funding from East Ventures in 2014. SIRCLO, founded in 2013, provides all-in-one e-commerce solutions including Sirclo Store for SMEs to build online storefronts and Sirclo Commerce for brands to manage sales across marketplaces like Shopee and Lazada. The company has served over 25 million customers and 150,000 brands, including global names like Unilever and Levi’s. Subsequent rounds included $30 million in February 2023 and $10.5 million Series C in June 2023 from Vertex Ventures, pushing total funding over $132 million by 2025. SIRCLO made acquisitions like Warung Pintar, Orami, and ICUBE to expand its ecosystem.

Who has invested in SIRCLO?

12 investors have backed SIRCLO across its funding rounds, including East Ventures, SMDV, OCBC Ventura, Sinar Mas Land, Vertex Ventures and Vertex Ventures Southeast Asia & India.

Lead investors include Vertex Ventures Southeast Asia & India, East Ventures, SMDV and Saratoga Investama Sedaya.


SIRCLO Investors

Investors in SIRCLO by funding rounds participated
InvestorHQRoundsRoleFirst check
East VenturesIndonesiaJakarta5LeadAug 2020
SMDVIndonesiaJakarta4LeadMay 2021
OCBC VenturaIndonesiaJakarta2ParticipantAug 2020
Sinar Mas LandIndonesiaJakarta2ParticipantAug 2020
Meranti Global InvestmentSingaporeSingapore1ParticipantSep 2021
Vertex VenturesSingaporeSingapore1ParticipantJul 2025
Skystar CapitalIndonesiaJakarta1ParticipantAug 2020
Vertex Ventures Southeast Asia & IndiaSingaporeSingapore1LeadJun 2023
Baltimore InvestmentsSouth AfricaJohannesburg1ParticipantSep 2021
Saratoga Investama SedayaIndonesiaJakarta1LeadSep 2021

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Acquisitions by SIRCLO

SIRCLO has acquired 4 companies to date.

Last acquisition by SIRCLO was on September 14th 2023. SIRCLO acquired RateS for undisclosed valuation.


Latest Acquisitions by SIRCLO

RateS
Warung Pintar
Orami
ICUBE
Description
RateS is a Jakarta-based social commerce app targeting Tier-2 and Tier-3 cities in Indonesia, enabling group buying of groceries and daily essentials. Users form communities for flash sales from local suppliers, with delivery via motorbike fleets. Operating in Java and Sumatra since 2021, it partners with warungs and farmers for fresh produce.
-
Orami is a Jakarta-based parenting ecosystem in Indonesia launched in 2013. It integrates e-commerce for baby products, content on child-rearing, and community forums. Orami serves 10 million monthly users through its app and website, partnering with brands like Pampers for nationwide delivery.
iCube is a U.S.-based eCommerce agency delivering consulting, platform development, and optimization services. Headquartered in New York, it assesses business operations, identifies digital growth opportunities, and implements Shopify and Magento solutions for mid-market retailers. iCube handles requirement definition through to launch, serving clients in fashion and consumer goods with omnichannel integrations.
HQ CountrySingaporeIndonesiaIndonesiaIndonesia
HQ City
Singapore
-
Jakarta
Jakarta
Deal Date14 Sep 202326 Jan 20227 Apr 20211 Apr 2020
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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SIRCLO Competitors

SIRCLO competitors include listed companies like THG and Infomart, and private ones like Youcheyihou.com, Bloom & Wild, Shogun and Lingxing.

Public and private companies comparable to SIRCLO
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Youcheyihou.comChinaGuangzhouPrivate--$295M-
Bloom & WildUnited KingdomUnited KingdomPrivate--$500M-
ShogunUnited StatesLos Angeles, CAPrivate--$575M-
LingxingChinaShenzhenPrivate--$484M-
THGUnited KingdomUnited KingdomPublicly listed$2.3B$133M$573M0.5x
InfomartJapanJapanPublicly listed$121M$31M$1.2B8.6x

SIRCLO Public Comps

SIRCLO is still privately-owned, but its public comps include Nice One, Softcreate Holdings, Victorian Plumbing Group, BHG Group, Terminal X, Oisix, istyle, Oponeo, Aramis Group and YSB.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Nice One$271M$8M1.3x1.0x43.3x9.4x
Softcreate Holdings$221M$52M1.2x1.3x5.3x-
Victorian Plumbing Group$411M$36M0.9x0.9x10.2x8.7x
BHG Group$1.1B$104M0.5x0.5x5.2x6.4x
Terminal X$185M$28M1.9x-12.7x-
Oisix$1.6B$87M0.3x0.3x5.6x5.8x
istyle$442M$34M0.7x0.5x8.5x-
Oponeo$627M$35M0.6x0.5x10.0x7.0x

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Common questions about SIRCLO

When was SIRCLO founded?SIRCLO was founded in 2013.
Where is SIRCLO headquartered?SIRCLO is headquartered in Jakarta, Indonesia.
Is SIRCLO publicly listed?No, SIRCLO is a private, VC-backed company.
What is SIRCLO's valuation?SIRCLO was last valued at $343M in its Series C in June 2023.
How much funding has SIRCLO raised?SIRCLO has raised $171M across 7 funding rounds.
What was SIRCLO's last funding round?SIRCLO's last funding round was a $38M undisclosed-stage round in July 2025.
Who are SIRCLO's investors?SIRCLO's investors include East Ventures, SMDV, OCBC Ventura, Sinar Mas Land, Meranti Global Investment, Vertex Ventures, Skystar Capital, Vertex Ventures Southeast Asia & India, Baltimore Investments, Saratoga Investama Sedaya and 2 others.
Which companies are comparable to SIRCLO?Companies comparable to SIRCLO include Youcheyihou.com, Bloom & Wild, Shogun, Lingxing, THG and Infomart.
How many companies has SIRCLO acquired?SIRCLO has acquired 4 companies, including RateS, Warung Pintar, Orami and ICUBE.

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