Fatfish Internet Group announced a $200 thousand (around Rp 2,5 billion) funding to be given to PT Mitra Cipta Teknologi that operates HargaHot. The funding, which was completed through PT Dragon Commerce Indonesia (Dragon Commerce), Fatfish’s subsidiary in Indonesia, is converted into 56% of Mitra Citra’s shares, making Fatfish as the company’s major stakeholder.
As being disclosed at the Australia Stock Exchange, Dragon Commerce will have the right to appoint two of Mitra Citra’s three directors. Apart from Fatfish, PT 1 Inti Dot Com and Jasin Halim possess the rest of the company’s shares.
HargaHot was established in 2012 and has served no less than 47.000 households in Indonesia ever since. Prior working on HargaHot, Mitra Cipta had actually once attempted to steal the market with LelangHot, an online auction-based online games server. Unfortunately, its adventure at the local e-commerce industry wasn’t as encouraging as HargaHot’s.
Given the fact that Indonesian e-commerce industry is still far from being up, it’s not shocking to see global players race for the glory at the market. Some are not hesitant to spend big. Just take a look at Sequoia Capital and Softbank Internet and Media which spent $100 million to fund Tokopedia B2C marketplace.
HargaHot isn’t the first Indonesian startup to get funded by Fatfish, as the company had previously acquired RajaPremi in July 2013 and was in a process to partner with Batavia Prosperindo back in last August. There is, unfortunately, no further information on whether Dragon Commerce is a result of the partnership or not. One thing for sure, the company becomes the latest Fatfish’s vehicle to invest in Indonesia. It is even rumored to be planning on administering its business at the Indonesia Stock Market as a pure-play e-commerce company in the next 18 months.
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