According to Thomson Reuters, the market for Sharia-compliant and Halal certified products reached $2 trillion in 2016 and will nearly double to $3.8 trillion by 2022, which is a huge volume and market potential.
Evermos was founded in November 2018 by Iqbal Muslimin, Ananda Prawira and Jauhari Khairul Kawistara. Evermos mainly takes the route of social e-commerce. By recruiting distributors, Evermos distures halal products in various fields on WhatsApp and other social channels to meet the specific consumer needs of Muslim users. Evermos is said to have 20,000 distributors, covering hundreds of brands and thousands of SKUs in fashion, clothing, food, cosmetics, home and other product categories.
Due to Evermos's heavy focus on social ecommerce, its site receives only a modest number of monthly visitors, around 130,000, according to SimilarWeb.
Evermos's $8.25 million funding round, led by Singapore-based Jungle Ventures and followed by Lei Jun's Sunway Capital and Indonesian fund Alpha JWC Ventures, will be used to expand the brand, expand partnerships and build a network of distributors.
At present, Indonesia's comprehensive e-commerce platforms are divided by Shopee, Lazada, Tokopedia and JD Indonesia. All of the four platforms are backed by big Chinese donors. Now, it is hard to tell which one is which.
Indonesia has a population of nearly 262 million in 2019, ranking fourth in the world after China, India and the United States, with about 87 percent of its population believing in Islam, making it the world's largest Muslim country.
Evermos entered the market segment, really big imagination! But it will have to see how well its whole model of social ecommerce holds up in Indonesia if it can fight its way out of an established set of formidable rivals.