Bibit, an Indonesian digital investment platform announced that it has successfully raised US$30 million from Sequoia Capital India, with backing from existing investors including East Ventures, EV Growth, AC Ventures, and 500 Startups.

Launched in 2019, Bibit started as a platform for investors to share investment news and strategies in real-time. It later developed into a digital investing app with a robo-advisory service that helps first-time investors start investing free of commission.

With Bibit, users can build portfolios based on their individual risk profiles and investment goals through its mobile app which is now part of Stockbit, a stock investing app that caters to the millennials in Indonesia.

According to TechinAsia, the company also currently holds mutual funds selling agent license under the supervision of Indonesia’s Financial Services Authority (OJK).

Bibit CEO Sigit Kouwagam said the startup has experienced significant growth since its inception, and now has more than 1 million first-time investors registered with the platform during the past year alone.

90 percent of its users are millennials and first-time investors who are offered to build portfolios according to their risk profile and investment goals.

Kouwagam attributed the rise to the increase in awareness and education on investment and the importance of having good personal financial management.

According to IDX and Central Custodian data, the company said the number of retail investors in Indonesia grew by 56% year-on-year in 2020, with millennials accounting for 92% of the new investors last year.

Bibit, however, said that despite this rapid growth, statistics-wise only less than 2 percent of Indonesians have participated in the stock market so far.

“Stockbit and Bibit have been positively impacted during the pandemic,” noted East Ventures managing partner and co-founder Wilson Cuaca. “It has a fast-growing number of retail investors with 10x growth for transactions in 2020. ”

“This new round will push Stockbit to grow further and cement their position as the leading platform in Indonesia,” Cuaca added.

Sequoia Capital India, the lead investor in the funding round, operates in Southeast Asia and India, where it actively partners with founders from a wide range of companies and categories, including BYJUs, Carousell, Druva, Gojek, OYO Rooms, Tokopedia, Truecaller, Zilingo, and Zomato.