Imajin closes seed funding round participated by Init-6

Imajin, a manufacturing hub platform based in Indonesia, has announced that it already closed its seed funding round that was participated by Init-6. The firm was founded by Bukalapak co-founder Achmad Zaky.

In a statement, Imajin said the funding round was also participated by a number of investors, led by East Ventures and backed by 500 Southeast Asia (Fund III), Kao Kele Pte. Ltd., Jessica Hendrawidjaja (Shipper CMO), and Tsuda Yumi.

Imajin, that was founded by Chendy Jaya, is a platform that connects local manufacturers with potential customers.

As of July 2022, the startup has secured more than 400 local factory partners and 80 customers, including Japanese companies operating in Indonesia.

Imajin also facilitated project financing for business owners with limited resources and provided a marketplace to supply raw materials.

The Ministry of Industry (Kemenperin) also named Imajin in 2020 as a national manufacturing hub.

After a year, it was selected as one of the participants of the Startup Studio Indonesia accelerator programme that was organized by the Ministry of Communications and Informatics (Kemenkominfo).

It was also reported earlier that Imajin was planning to expand its business to Java Overland and Batam.

The company also considered international expansion to Japan to support local businesses, especially those who are in the automotive industry as it aims to accelerate the digitalisation of the manufacturing industry through new product development.

Moreover, Imajin’s market expansion plans were meant to support the increase of local components included in products that are manufactured in Indonesia.

This is currently regulated at a minimum of 35 per cent, which is projected to gradually increase to 80 per cent by 2026, especially for the electric vehicles.

Aside from Imajin, other Indonesian startups that are working in the manufacturing industry include Manuva, which recently rebranded from its original name “Tjetak.”

Manuva focuses on the digitalising the manufacturing process in the Indonesian packaging, electrical and garment industries.

The company believes that Indonesia MSMEs have the potential to grow rapidly with the country being considered as one of the biggest manufacturers in the world.