Indies Capital Partners

Indies Capital Partners is an alternative asset management firm established in 2009 and headquartered in Singapore. The firm specializes in private credit and special situations, focusing on investment opportunities across various sectors, including business products, business services, consumer products, consumer services, financial services, energy, e-commerce, SaaS, infrastructure, technology, and TMT. Additionally, Indies Capital Partners has formed a strategic alliance with Värde Partners, a global alternative investment firm, to co-invest in private credit opportunities in Indonesia.

Dhanny Ruslie

Partner

Pandu Sjahrir

Managing Director

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 International currently manages a portfolio of more than 145* hotels, resorts and projects located in China, Vietnam, Philippines, Malaysia, Indonesia, Bahrain, Egypt, Iraq, Oman, Qatar, Saudi Arabia, United Arab Emirates, Australia, New Zealand, Bulgaria, Georgia and Tanzania. Awarded Indonesia's Leading Global Hotel Chain for six consecutive years, Swiss-Belhotel International is one of the world's fastest-growing international hotel and hospitality management groups. The Group provides comprehensive and highly professional development and management services in all aspects of hotel, resort and serviced residences. Offices are located in Hong Kong, New Zealand, Australia, Europe, United Arab Emirates, China, Indonesia and Vietnam.

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 for small businesses to acquire loans and for lenders to fund small business loans to earn compelling returns. Its technology-based approach enables borrowers to receive loans for the first time or at lower than market rates, while lenders will earn returns well above that of bank deposits, traditional fixed income products, and life insurance investment-linked products. This marketplace lending model is proven in countries such as USA, UK, China & Singapore.

Funding Societies

Series C in 2022
Funding Societies is a digital financing company that specializes in providing loans to small and medium enterprises (SMEs) through its online platform. This platform connects individual and institutional investors with SMEs in need of financing, allowing these businesses to secure funds quickly and efficiently, often avoiding the lengthy processes associated with traditional banks. Operating in several Southeast Asian countries, including Singapore, Malaysia, Indonesia, and Thailand, Funding Societies offers a range of flexible financing options such as microloans, term loans, and invoice financing. The company employs advanced credit scoring and risk assessment models to evaluate the creditworthiness of borrowers, helping SMEs address urgent cash flow needs and support their growth objectives.

Artotel Group

Series B in 2021
Artotel Group is built from a passion for promoting local art and creative hospitality. with a wide range of hotel brands, and merchandise. focusing its service for pleasure seeker, smart traveller, and artsy persona who appreciate value for money experience. by highlighting outstanding design and original artwork all over the premises, and hopes customers will have a complete fulfillment and be inspired to move forward.

ShopBack

Series E in 2021
ShopBack is a leading online shopping platform in Southeast Asia that enables consumers to make smarter purchase decisions through cashback rewards. Operating in countries such as Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Taiwan, ShopBack processes over 1,000 orders per hour and offers cashback of up to 30% to enhance consumers' purchasing power. The platform connects users with more than 1,300 merchant partners, including well-known brands like Uber, Expedia, and Lazada, providing a diverse range of deals and incentives. In addition to benefiting consumers, ShopBack delivers cost-effective marketing solutions to its merchant partners. The company has received multiple accolades for its innovative approach, including awards at the Singapore Infocomm Technology Federation Awards and the Emerging Enterprise Award, highlighting its significant impact in the e-commerce sector.

Gabriel

Series A in 2021
Gabriel combines nanocomputers and high definition cameras to offer video surveillance services with military-grade encryption, enterprise quality and personal customer service yet honestly priced for residential buildings and medium-sized companies. No installation costs, no hardware purchasing, no maintenance nuisance, no lock-in. 24/7 monitoring of your building, your street and your neighborhood. Perpetual video cloud storage. An app that just works. Tech from Rio, solving public and private security, serving Brazil and beyond.

Zilingo

Debt Financing in 2021
Zilingo, founded in 2015 by Ankiti Bose and Dhruv Kapoor, is a technology platform that aims to transform the fashion industry by digitizing the supply chain and making it more accessible. The company provides a business-to-business marketplace that connects brands and merchants directly with factories, facilitating sourcing and enhancing transparency. Through innovative trade solutions, Zilingo offers free access to analytics, efficient logistics, and secure payment methods, empowering entrepreneurs in the fashion sector. By leveraging technology to bridge gaps between creators and producers, Zilingo is dedicated to creating a fair and inclusive environment for all participants in the fashion industry.

Sociolla

Venture Round in 2021
Sociolla was established with the aim of providing comfort for women in Indonesia to shop for makeup/cosmetics, skincare, haircare, beauty equipment, and perfume. Sociolla only works with authorized distributors and brand holders to ensure product authenticity. We understand that quality is the main aspect; especially for beauty products that we apply to the skin.

Sicepat Express

Series B in 2021
Sicepat Express provides several services to support businesses and puts forward practical solutions for e-commerce. SiCepat Ekspres has branches and outlets spread across cities in Indonesia. The company currently provides last-mile, warehousing and fulfillment, commerce-enabling services, online distribution, and middle-mile logistic. It was founded in 2004 and headquartered in Jakarta Pusat, Jakarta Raya.

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 is an e-commerce enabler based in Bangkok, Thailand, founded in 2013. The company specializes in providing comprehensive e-commerce solutions tailored for brands, manufacturers, retailers, and startups across Southeast Asia. Its offerings include performance marketing, channel management, web store design and operations, order fulfillment, warehousing, delivery, and content production. aCommerce aims to assist clients in developing their online retail strategies and optimizing their business processes through a suite of services that encompasses online brand management and last-mile delivery. By delivering these customized solutions, aCommerce helps clients successfully navigate the complexities of the e-commerce landscape and enhance their online presence.

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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