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Amatil X invests in Indonesian start-up Wahyoo

Coca-Cola Amatil today announced its corporate venture capital platform Amatil X had completed a strategic investment in Indonesian startup Wahyoo as part of its USD$5m Series A capital raise.

Coca-Cola Amatil today announced its corporate venture capital platform Amatil X had completed a strategic investment in Indonesian startup Wahyoo as part of its USD$5m Series A capital raise.

Founded in 2017, Wahyoo is focused on digitising and improving the business operations of warung makan – traditional small-scale local eateries and restaurants dedicated to serving Indonesia’s burgeoning working-class population.

Wahyoo works directly with local eateries to improve and digitise their operations, offering digital tools and services to attract customers, enhance marketing efforts, implement loyalty programs, order and receive groceries, manage financial accounts, and provide educational training on best practices through the company’s Wahyoo Academy. Eateries can also earn additional income via advertising and brand partnerships with Wahyoo. Wahyoo last completed an undisclosed Seed financing round in 2019.

Head of Amatil X, Alix Rimington, said the investment in Wahyoo supported the Indonesian business’ broader strategy to be the leading beverage supplier on B2B platforms servicing the important SME sector.

"Our team is actively working with Wahyoo to better understand and service this important customer segment. We are already working with Wahyoo to supply our beverages to warungs across Jakarta and we look forward to building a deeper partnership with Wahyoo as they build out their offer," she said.

"Our partnership with Wahyoo will help SMEs overcome the digital barrier and spur growth in Indonesia’s ecommerce industry. We are proud to partner with Wahyoo to help digititise the warung market."

Wahyoo is Amatil X’s second startup investment in Indonesia. It follows an investment earlier this year in Indonesian freight logistics marketplace, Kargo Technologies.

Ms Rimington said Coca-Cola Amatil Indonesia had been on a digital transformation journey since 2015, investing heavily in state-of-the-art systems and technology to support its nation-wide operations.

"Start-ups are setting the pace of innovation, especially in Indonesia, which is fast becoming the start-up capital of Asia. Knowing the scale of our business and our future ambitions, we believe that working with the right partners will help us to face market challenges and capture growth opportunities for the future."

Peter Shearer, Founder and CEO of Wahyoo said the food and grocery market opportunity in Indonesia was enormous, forecast to hit USD$261 billion by 2021.

"There are almost 35,000 warungs operating in Jakarta alone and we are already servicing one in every four of these businesses.

"With this round of financing, we plan to expand our operations outside of the Greater Jakarta region and build our team, especially the tech and product units. We will continue to add new features and services to our offer to better meet the needs of warung makan owners, including improving supply chain systems and financial products, which are designed to help eateries improve margins and gain access to financial service.

"We are grateful for the strategic support of our backers, including Coca-Cola Amatil, and look forward to helping our warung makan partners create an even bigger impact for both Indonesian business owners and consumers alike," Mr Shearer said.