Bhinneka reveals plans for its 24th anniversary, shares updates on IPO goals

DailySocial
Bhinneka anniversary box

Indonesian e-commerce platform Bhinneka prepares five to 10 offline stores, and wants to push for greater contribution from B2B segment

Special anniversary edition Bhinneka boxes

This year marks the 24th anniversary of Bhinneka being in operation, particularly in February. It is a rather mature age for a business, and the company has been proven to be able to adapt to the changes in the digital technology landscape within the past years.

Now in 2017, the Indonesian e-commerce platform for electronic goods and gadgets has the ambition to strengthen its offline store network.

Bhinneka is already known as one of the e-commerce businesses with a strong offline presence. The company plans to open another five to 10 offline stores, though they did not give further details in which city they are going to locate in.

When DailySocial reached out to them, they would only reveal that the offline stores will still be concentrated in Jakarta and the Java island. Whether you want to admit it or not, Bhinneka’s offline and online approach plays a crucial role in the sustainability of their business.

“In our 24th year we need to be able to prove that we can stay relevant to the market and the industry, both as a company in general and as an e-commerce platform. As an e-commerce platform, Bhinneka has to keep updating itself and adapting to new trends, be it from products, service, and technological development perspective,” says Bhinneka CEO and Founder Hendrik Tio.

Also Read: With “eight digit” USD new funding in hand, Berrybenka is set for greater O2O push

Pushing for greater contribution from B2B segment

 

By far, Bhinneka has implemented several business models, including business-to-consumer (B2C), business-to-business (B2B), and business-to-government (B2G). The B2C line contributes 40 per cent to the company while both the B2B and B2G lines contribute 30 per cent; the company’s ability to secure projects from the government side has become a key element in deciding its success this year.

“By far, Bhinneka has served procurement of goods and services for 136 institutions including ministrial and regional level agencies,” Tio explains further.

Tio also explains that Bhinneka has become a partner for 4,000 small and medium enterprises. This year, Bhinneka also aims to increase revenue from its B2B line for up to 40 per cent, by increasing the number of customers by 25 per cent compared to last year’s number.

When asked about its IPO plan, which was first announced during the company’s first and only venture capital round by Ideosource in November 2015, Bhinneka states that it is still “on the right track” to the goal. They are also optimistic that the IPO will happen as it was planned.

Started out as a distributor for electronic goods and gadgets, Bhinneka’s e-commerce platform was launched in 1999. The company has been self-funded until the investment round from Ideosource came along.

The article Rencana Bhinneka di Usia ke-24 was written by Prayogo Ryza and was first published on DailySocial. English translation and editing by e27.

The views expressed here are of the author’s, and e27 may not necessarily subscribe to them. e27 invites members from Asia’s tech industry and startup community to share their honest opinions and expert knowledge with our readers. If you are interested in sharing your point of view, submit your article here.

Image Credit: Bhinneka

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