While the platform allows resellers to own an online store without requiring operating capital, it incentivises individuals to share products on their messaging apps or social media
Evermos, a Halal/Sharia-compliant social commerce company based in Bandung, Indonesia, has raised US$8.25 million in an “oversubscribed” Series A funding led by Jungle Ventures.
Shunwei Capital and existing investor Alpha JWC Ventures also joined the round.
The startup plans to use the funds to expand its presence in the digital Islamic economy ecosystem, accelerate growth by focusing on further collaborations with local brands and organisations, and build and support a vast online reseller network.
Founded in November 2018, the Evermos platform focuses on bringing the everyday needs of Muslims by providing halal products in various verticals, including fashion, food, cosmetics and home and business opportunities that comply with Sharia laws.
It also allows the reseller to own a business or online store without requiring operating capital and complex e-commerce system. For individuals, it incentivises them to share products on their messaging apps or social media.
Since its launch, the company claims to have grown into a network of over 20,000 paid resellers across the country and is marketing thousands of local products from hundreds of local brands.
Co-founder and Evermos CEO Iqbal Muslimin said: “The digital economy in Indonesia has grown particularly fast, and its Sharia economy has an enormous potential to become a part of this expansion. The Indonesian government has also been showing support to accelerate the Sharia economy by providing supportive regulations and plans, and we are keen to support that with our technology ecosystem.”
“Given the size of our Muslim population, this Sharia economy will have a positive impact throughout the country. Evermos will continue our work to build an end-to-end social commerce platform and ecosystem to connect brand owners to our resellers and to end consumers. We will also do business with our partners in compliance with Sharia law requirements,” he added.
Ilham Taufiq, Co-founder and Head of Partnership of Evermos, commented, “We believe Evermos is not limited to a business platform, but it is also an economic driver for the Muslim community. There’s a lot of untapped potential on this that we will address in the future, including social goods, ZISWAF, halal travel and Sharia fintech.”
According to Thomson Reuters, the market for Sharia-compliant goods surpassed US$2 trillion in 2016, and it is likely to increase to US$3.8 trillion by 2022. As the country with the largest Muslim population in the world, Indonesia will see a significant chunk of this growth of the Islamic economy, globally.
