Sociolla, an Indonesian beauty retail startup, has expressed interest in an initial public offering (IPO) in the future. However, CEO Christopher Madiam stressed that the company is not rushing into the move.

“IPO is definitely one of our goals. But when? We’re not in a hurry,” Madiam stated during a press conference in Jakarta on January 23, 2025.

As a large startup, Sociolla has several factors to consider before becoming a public company. Madiam explained, “We want to ensure optimal growth before moving toward an IPO.”

The CEO clarified that an IPO is not an exit plan for the company. “For us, IPO is a way to grow bigger and provide more value to our customers. But it’s not an exit plan in our context,” Madiam added.

Sociolla has been part of East Ventures' portfolio since 2015. The company has raised significant funding in several rounds. In May 2018, Sociolla secured IDR 169 billion in Series B funding from EV Growth, East Ventures, SMDV, and Yahoo Japan Digital.

In subsequent years, Sociolla continued to attract major investors. It raised IDR 568 billion in Series C and IDR 560 billion in Series D, both from notable backers such as EV Growth, Temasek, and Pavilion Capital. Most recently, the company raised IDR 828.5 billion in Series E funding in July 2020 and IDR 927 billion in October 2022 from investors including Temasek, L. Catterton, and East Ventures.

Madiam emphasized that the company is focused on long-term sustainability. “We want to ensure that all decisions are made for the company’s future, not for personal gain,” he said.

The CEO also noted that while the IPO is a significant step for Sociolla, it is not the ultimate goal. “We are focused on ensuring long-term success, and the IPO is part of that journey,” Madiam concluded.

SOURCE: KATADATA | PHOTO: SOCO

This article was created with AI assistance.