ICMG Co-Creation Fund invests 1 million USD in the Series D1 round of – An online B2B/B2B2C E-commerce platform for MSMEs in Indonesia –

By February 25, 2022No Comments

February 25th 2022

ICMG Partners Co., Ltd.

ICMG Co-Creation Fund I Investment LP


We are pleased to announce that ICMG Co-Creation Fund I Investment LP managed by ICMG Partners Co., Ltd. (HQ: Marunouchi, Chiyoda-ku, Tokyo, CEO: Gen Funahashi), has invested 1 million USD in Ralali PTE. LTD. (HQ: 60 Paya Lebar Road, #04-51 Paya Lebar Square, Singapore 409051; CEO: Joseph Aditya) in their latest Series D1 round. is an online B2B/B2B2C E-commerce platform for MSMEs in Indonesia. They allow MSMEs to connect with suppliers and customers online, creating a fair & accessible procurement supply chain for MSMEs. To achieve their vision of empowering MSMEs to grow their business, Ralali aims to “become the best B2B e-commerce platform that connects and provides solutions for MSMEs through digital technology.”


(Left) Joseph Aditya, CEO of Ralali, (Right) Gen Funahashi, CEO of ICMG Partners

Photos taken at Ralali Indonesia Office and ICMG Japan Office respectively


MSMEs are the backbone of the Indonesian Economy. There are 64,2 Million MSMEs in Indonesia that represent over 61,07% of Indonesia’s GDP. However, 90% of these businesses are still conducting business and commerce offline. As Indonesia transitions towards and digital economy, MSMEs that do not move towards digitalization will find themselves left behind, unable to grow and sustain their business. Currently, traditional MSMEs face significant problems on both the supply and demand side of their business. On the supply side, key issues such as limited supplier choice and over-priced products makes it challenging for MSMEs to have a sustainable supply/procurement chain. On the demand side, MSMEs are faced with issues such as a limited and decreasing customer base & high logistics costs.


To address these issues, Ralali has developed three core products. Their flagship product,, is a B2B marketplace that allows MSMEs to connect to over 22,000+ suppliers and wholesalers from 13 different industries. This ensures that MSMEs have access to a sustainable supply chain and the best prices. The marketplace also provides easy to use digital tools such as integrated payment systems and quotation requests to further support the digitalization of MSMEs. Their second core product, Ralali Connect, is a B2B2C e-commerce platform that allows MSME to set up digital storefronts and sell their products online. Ralali Connect was designed with simplicity in mind and allows MSMEs with limited digital knowledge to onboard in four simple steps.  The third product, Ralali Agent, is an On Demand Business platform that collaborates digital technology and workforce. Ralali Agent, facilitiates O2O (offline-to-online) processes that help many people connect with each other and creates additional income in their spare time. They have plans to expand its network to reach 300 thousand independent agents/ users across Indonesia, allowing access to over 45 thousand types of freelance work.


Three of Ralali’s core products address the key issues faced by non-digital MSMEs and help them unlock the tremendous value of digitalization.


The investment from ICMG will enable the growth and sustainability of millions of MSMEs in Indonesia through the access of Ralali while also accelerating the digitalization of the entire Indonesian economy. As one of the first and largest B2B marketplaces in Indonesia, Ralali will remain focused on continuously onboarding Indonesian MSMEs and building easy to use digital tools to support MSME digitalization. More specifically, in 2022, Ralali has plans to expand to over 50+ tier 1 and tier 2 cities in Indonesia to ensure broad reach of their product across the country.


ICMG Group will support the expansion of Ralali by utilizing our network of major Japanese companies to explore the possibility of cross-border transactions between Japanese and Indonesian companies to enable better trade relationships and access to new products.


【About Ralali】

Ralali is a B2B2C e-commerce platforms for MSMEs. Having onboarded over 1,5 million MSMEs and 22,000+ suppliers, 500,000+ products, and 6 million visitors in every month from all over Indonesia.   Ralali is the first and largest MSME e-commerce platforms in Indonesia. Through their digital solutions, Ralali directly addresses key supply and demand issues faced by traditional MSMEs. On the supply side, their flagship product,, allows MSMEs to easily connect to suppliers online ensuring a fair and sustainable supply chain. On the demand side, their product Ralali connect, allows MSMEs to easily set up digital storefronts and reach a wider customer base. With the supply side, Ralali Agent has given hundred thousand of eligible freelance agents that are able to reach untapped markets with offline survey, promotion and acquisition job services. With simplicity in mind, Ralali has lowered the barriers of entry for MSMEs to go digital, allowing them to unlock the full potential of digitalization. Founded in 2013, Ralali is headquartered in Jakarta, Indonesia.



【About ICMG Group】

ICMG Group has been leading co-creative innovation not only in Japan but also in Southeast Asia and US together with various stakeholders such as leading Japanese big corporations, startups, and government agencies. ICMG Group has also carried out renewable energy investment projects in Southeast Asia with Tokyo Electric Power Company and Chubu Electric Power Co, formed a strategic partnership in Singapore with UNDP to promote the Sustainable Development Goals (SDGs), and launched the sustainable city initiative project in Japan with Aichi Prefectural Government. ICMG Co-Creation Fund aims to create a sustainable society by providing growth capital and strong partner network of leading Japanese corporations to startups that solve social issues.


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