Indies Capital Partners

Indies Capital Partners, established in 2009 and based in Singapore, is an asset management firm specializing in private credit and special situations investments. The company focuses on opportunities in Indonesia, collaborating with global alternative investment firm Värde Partners for co-investments in private credit.

Dhanny Ruslie

Partner

14 past transactions

Air Asia

Post in 2024
AirAsia Group Berhad is a prominent low-cost airline operator based in Kuala Lumpur, Malaysia, founded in 2001. The company provides commercial air transportation services across various countries in Asia, including Malaysia, Thailand, Indonesia, the Philippines, India, and Japan, under the AirAsia brand. In addition to air travel, AirAsia also engages in a range of ancillary services such as aircraft leasing, tour operations, logistics, and inflight services, including meal products and customer loyalty programs. The airline is known for its commitment to making flying accessible to everyone, with an extensive route network that covers over 20 countries. AirAsia's subsidiaries include AirAsia Japan, Thai AirAsia, and AirAsia (India), among others, further solidifying its position in the low-cost aviation sector. The company's innovative approach and efficient operations have established it as a leader in the industry.

Swiss-Belhotel International

Acquisition in 2022
Swiss-Belhotel Sharjah is a hotel located in Sharjah, United Arab Emirates, specializing in boarding and lodging services. It operates as a subsidiary of Swiss-Belhotel International, a rapidly expanding hospitality management group with a diverse portfolio exceeding 145 hotels, resorts, and projects across various countries including China, Vietnam, and the Middle East. Swiss-Belhotel International has gained recognition for its comprehensive development and management services within the hospitality sector, having been awarded Indonesia's Leading Global Hotel Chain for six consecutive years. The group maintains a global presence with offices in regions such as Hong Kong, New Zealand, Australia, and Europe, showcasing its commitment to delivering high-quality services in the hotel and resort industry.

Zest Hotel International

Acquisition in 2022
Zest Hotel International operates hotels, resorts, and property management services.

Modalku

Series C in 2022
Modalku is an online marketplace based in Jakarta, Indonesia, designed to connect small businesses seeking loans with lenders looking to fund these loans. By leveraging technology, Modalku offers borrowers access to financing options that may not be available through traditional channels, often at lower interest rates. Lenders participating in the platform can achieve returns that surpass those typically found in bank deposits and traditional investment products. This marketplace lending model has been successfully implemented in various countries, including the USA, UK, China, and Singapore, demonstrating its effectiveness in supporting small business growth.

Funding Societies

Series C in 2022
Funding Societies, established in 2015 and headquartered in Singapore, operates a digital financing platform that connects small and medium-sized enterprises (SMEs) with investors. The company facilitates business loans, focusing on quick and efficient financing solutions, often bypassing traditional banking methods. It offers a range of flexible financing options, including micro and term loans, and invoice financing, using advanced credit scoring and risk assessment models. With operations across Southeast Asia, including Singapore, Malaysia, Indonesia, and Thailand, Funding Societies caters to SMEs seeking accessible and timely financing.

Artotel Group

Series B in 2021
ARTOTEL Group is a hospitality company based in Jakarta Pusat, Indonesia, founded in 2010. The company operates a diverse portfolio of hotels that emphasize local art and creative design, catering to pleasure seekers and smart travelers. ARTOTEL Group provides a comprehensive range of services, including pre-opening consultation, hotel design, engineering, food and beverage options, event management, and curated merchandise. By integrating outstanding design and original artwork throughout its properties, the company aims to offer unique experiences that inspire guests and provide value for money. In September 2017, ARTOTEL Indonesia rebranded to ARTOTEL Group, reflecting its broader vision and commitment to enhancing the hospitality sector.

ShopBack

Series E in 2021
ShopBack is a leading online shopping platform in Southeast Asia that focuses on enhancing consumer purchasing decisions through cashback and rewards. Operating in several countries including Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Taiwan, the company facilitates over 1,000 orders per hour by offering up to 30% cashback on purchases made through its platform. With a portfolio of over 1,300 merchant partners such as Uber, Expedia, and Lazada, ShopBack provides consumers with curated deals while simultaneously delivering effective marketing solutions for its business partners. The company is recognized for its impact in the industry, having received multiple awards, including accolades for Best Start-up and Best Innovative Infocomm Products at the Singapore Infocomm Technology Federation Awards, as well as the Emerging Enterprise Award, highlighting its role in enriching the shopping experience for consumers.

Gabriel

Series A in 2021
Gabriel Tecnologia Ltda, established in 2019 and based in Rio de Janeiro, Brazil, specializes in providing video surveillance services by integrating high-definition cameras with nano computers. The company focuses on delivering military-grade encryption and enterprise-quality service, ensuring a secure experience for residential buildings and medium-sized businesses. Gabriel offers a unique model that eliminates installation costs, hardware purchases, and maintenance hassles, while providing 24/7 monitoring of properties and neighborhoods. Their technology incorporates machine learning algorithms to recognize suspicious patterns, enhancing safety and security. Additionally, the firm provides an accessible application for users, alongside perpetual video cloud storage, making it a comprehensive solution for public and private security needs in Brazil and beyond.

Zilingo

Debt Financing in 2021
Zilingo is a technology-driven platform founded in 2015 by Ankiti Bose and Dhruv Kapoor, aimed at transforming the fashion supply chain through innovative trade solutions. By digitizing the fashion industry, Zilingo provides a marketplace that connects brands and merchants directly with factories, offering essential tools such as analytics, efficient logistics, and secure payment options. This approach enables entrepreneurs to thrive in a sector that has historically favored a select few, promoting accessibility, transparency, and connection within the fashion ecosystem. Zilingo's vision is to democratize fashion, making it possible for anyone with the right ideas to succeed in the industry.

Sociolla

Venture Round in 2021
Sociolla is an online beauty and personal care shopping platform based in Indonesia, focused on providing a wide range of authentic cosmetics, skincare, haircare, beauty equipment, and perfumes. Established to create a comfortable and reliable shopping experience for women, Sociolla partners exclusively with authorized distributors and brand holders to ensure the authenticity and quality of its products. The platform features an extensive selection of items, including lip gloss, serums, lipsticks, eyeshadow palettes, hair oils, face masks, and perfumes, all available for home delivery. By prioritizing product quality, Sociolla aims to meet the beauty needs of its customers effectively.

Sicepat Express

Series B in 2021
PT. SiCepat Ekspres Indonesia is a logistics company established in 2004 and headquartered in Jakarta Pusat, Indonesia. The company specializes in courier delivery services throughout Indonesia, providing a range of logistics and shipping solutions. Its offerings include freight forwarding, warehousing, parcel courier, consignment, and delivery services. SiCepat Ekspres aims to facilitate trade in emerging markets by ensuring the timely movement of shipments, thereby supporting businesses in their growth and operational efficiency.

Vospay

Series A in 2020
VOSPAY menghubungkan perusahaan pembiayaan dan ekosistem digital, memberikan akses untuk konsumen institusi keuangan yang terpilih dengan plafon kredit siap pakai yang dapat digunakan untuk berbelanja di merchant yang terdaftar sebagai mitra VOSPAY. Konsumen dan seller dari merchant terdaftar VOSPAY juga dapat mengajukan kredit belanja dan dana tunai melalui VOSPAY. VOSPAY telah tercatat di regulasi sandbox OJK Inovasi Keuangan Digital (IKD), POJK 13/2018 sebagai platform Financing Agent.

aCommerce

Series D in 2020
aCommerce Co., Ltd., established in 2013, is a Bangkok-based company that specializes in providing comprehensive e-commerce solutions for brands and retailers across Southeast Asia, including Thailand, Indonesia, the Philippines, and Singapore. The company offers a wide range of services, from performance marketing and channel management to platform design, payment gateways, order fulfillment, delivery, and customer service. aCommerce caters to various sectors such as health and beauty, fashion, electronics, and technology, and has a strategic partnership with DKSH Group.

Vospay

Seed Round in 2018
VOSPAY menghubungkan perusahaan pembiayaan dan ekosistem digital, memberikan akses untuk konsumen institusi keuangan yang terpilih dengan plafon kredit siap pakai yang dapat digunakan untuk berbelanja di merchant yang terdaftar sebagai mitra VOSPAY. Konsumen dan seller dari merchant terdaftar VOSPAY juga dapat mengajukan kredit belanja dan dana tunai melalui VOSPAY. VOSPAY telah tercatat di regulasi sandbox OJK Inovasi Keuangan Digital (IKD), POJK 13/2018 sebagai platform Financing Agent.
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