# Indies Capital Partners

> Indies Capital Partners is a VC fund backing E-Commerce and FinTech. See 12 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Singapore, Singapore
- Total investments: 12
- Last investment: Aug 2024
- Lead investor: 25%
- Last fund: Jul 2021
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/indies-capital-partners/
- Website: https://www.indiescp.com/

Indies Capital Partners is an asset manager for private credit and special situations. The firm formed a strategic alliance with Värde Partners, a global alternative investment firm, to co-invest in private credit opportunities in Indonesia. It was founded in 2009 and headquartered in Singapore, Central Region.

## Contacts

5 contacts available for Indies Capital Partners. Shizune tracks 3 team members at Indies Capital Partners. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/indies-capital-partners?utm_source=investor_profile

## Round sizes

| Stage | Round size |
| --- | --- |
| Series C | $144M–$144M |

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| E-Commerce | 7 | 58% |
| FinTech | 3 | 25% |
| Lending | 3 | 25% |
| Financial Services | 3 | 25% |
| B2B | 2 | 17% |

28 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Series B | 2 | 17% |
| Series C | 2 | 17% |
| Seed | 1 | 8% |
| Series A | 1 | 8% |
| Series D | 1 | 8% |

9 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| Indonesia | 5 | 42% |
| Singapore | 3 | 25% |
| Malaysia | 1 | 8% |
| Thailand | 1 | 8% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Denny Goenawan | Managing Director, CEO,Founder | 0 | https://shizune.co/investors/profile/denny-goenawan |
| Pandu Sjahrir | Managing Director | 9 | https://shizune.co/investors/profile/pandu-sjahrir |
| Pram Kurniawan | Managing Director | 0 | https://shizune.co/investors/profile/pram-kurniawan |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Air Asia | Asia's leading airline was established with the dream of making flying possible for everyone. Since 2001, AirAsia has swiftly broken travel norms around the globe and has risen to become the world's best. With a route network that spans through to over 20 countries, AirAsia continues to pave the way for low-cost aviation through ourinnovative solutions, efficient processes and a passionate approach to business. Together with our associate companies, AirAsia X, Thai AirAsia, Indonesia AirAsia, Philippines' AirAsia Inc and AirAsia Japan , AirAsia is set to take low-cost flying to an all new high with our belief, "Now Everyone Can Fly". | $100.9M | Post-IPO Equity | Aug 22, 2024 |  |
| Modalku | 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 bankdeposits, traditional fixed income products, and life insurance investment-linked products. This marketplace lending model is proven in countries such as USA, UK, China & Singapore. | $144.3M | Series C | Feb 16, 2022 |  |
| Funding Societies | Funding Societies operates an online platform that connects individual and institutional investors with SMEs seeking loans. The platform allows SMEs to access financing quickly and efficiently, often bypassing traditional banks. The company has operations in multiple Southeast Asian countries, including Singapore, Malaysia, Indonesia, and Thailand. | $144M | Series C | Feb 15, 2022 |  |
| Artotel Group | 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 hopescustomers will have a complete fulfillment and be inspired to move forward. |  | Series B | Oct 15, 2021 |  |
| Artotel Group | 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 hopescustomers will have a complete fulfillment and be inspired to move forward. |  | Series B | Oct 15, 2021 |  |
| ShopBack | ShopBack offers a one-stop lifestyle portal that powers smarter purchase decisions for consumers. Today, ShopBack is the dominant player in Southeast Asia’s e-commerce Cashback market, with an established presence in Singapore, Malaysia, Indonesia, the Philippines, Thailand, and Taiwan, powering over 1,000 orders per hour.ShopBack enhancesshopping by providing up to 30% Cashback for consumers to boost their purchasing power while providing cost-effective marketing solutions for merchant partners. With over 1,300 merchant partners, including Uber, Expedia, and Lazada, ShopBack constantly strives to bring a smarter shopping experience to the consumers.In October 2015, ShopBack was awarded the winner of the Gold award in the Best Start-up (Growth Stage) category and a Silver award in the Best Innovative Infocomm Products (Consumers) category at the 7th Singapore Infocomm Technology Federation (SiTF) Awards. This is the local start-up’s maiden voyage in industry awards, pitting against more than 300 nominations for the esteemed titles. The company was recently awarded the Emerging Enterprise Award in September 2016, jointly organized by The Business Times (Singapore) and OCBC Bank, which recognizes outstanding small and medium enterprises (SMEs) in Singapore. | $40M | Series E | Oct 06, 2021 |  |
| Zilingo | Zilingo was founded in 2015 by Ankiti Bose and Dhruv Kapoor with a vision to use technology to put fair and efficient business within everyone’s reach. Up until now, the fashion industry has favored a select few - if you had social, human and financial capital, you could get anything done. But we believe the future of fashion belongs to everyone.By using smart, technology-led solutions to bridge the gap between creators and producers, we’re re-imagining the fashion industry to make it accessible, connected and transparent for all. Find out more on business.zilingo.com. | $40M | Debt Financing | Jul 01, 2021 |  |
| Sociolla | 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 thatwe apply to the skin. | $56M | Venture - Series Unknown | May 04, 2021 |  |
| Sicepat Express | 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 wasfounded in 2004 and headquartered in Jakarta Pusat, Jakarta Raya. | $170M | Series B | Mar 05, 2021 |  |
| Vospay | 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 danatunai melalui VOSPAY. VOSPAY telah tercatat di regulasi sandbox OJK Inovasi Keuangan Digital (IKD), POJK 13/2018 sebagai platform Financing Agent. |  | Series A | Dec 01, 2020 |  |

10 of 12 investments shown.

## Co-investors
- [EDBI](https://shizune.co/investors/profile/edbi) — VC Fund, 3 deals together
- [AVV](https://shizune.co/investors/profile/ascend-vietnam-ventures) — VC Fund, 2 deals together
- [Benson Creativestment](https://shizune.co/investors/profile/benson-creativestment) — VC Fund, 2 deals together
- [BRI Ventures](https://shizune.co/investors/profile/bri-ventures) — VC Fund, 2 deals together
- [East Ventures](https://shizune.co/investors/profile/east-ventures) — VC Fund, 2 deals together
- [Heyokha Brothers](https://shizune.co/investors/profile/heyokha-brothers) — VC Fund, 2 deals together

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## FAQ

### What does Indies Capital Partners invest in?

Indies Capital Partners invests primarily in E-Commerce, FinTech and Lending startups, most often at Series B and Series C stage. Most of the 12 investments tracked by Shizune back companies in Indonesia. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### What is Indies Capital Partners's check size?

Indies Capital Partners typically joins rounds of $144M–$144M at Series C. These ranges are 10th–90th percentile round sizes calculated from confirmed public funding rounds, so they are a realistic guide to the rounds Indies Capital Partners participates in.

### How do I contact Indies Capital Partners?

Public channels for Indies Capital Partners include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at Indies Capital Partners?

The team at Indies Capital Partners includes Denny Goenawan (Managing Director, CEO,Founder), Pandu Sjahrir (Managing Director) and Pram Kurniawan (Managing Director). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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