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General Atlantic has acquired a 54% controlling stake in Sociolla, an Indonesia-based e-commerce and omnichannel retailer focused on beauty and personal care products. The transaction was primarily structured through secondary share purchases from existing investors, alongside a $10 million primary capital injection into the company.
As part of the deal, Pavilion Capital and L Catterton exited their investments entirely, while East Ventures and EDBI reduced their shareholdings. The transaction also triggered the conversion of Sociolla’s outstanding convertible notes, including a $16 million issuance in February 2022 and a $21 million tranche raised in August 2022.
Prior to the acquisition, Sociolla had raised more than $170 million in funding from a range of global and regional investors, including Temasek, Jungle Ventures, Venturra, and UOB Venture Management. The deal marks a significant milestone for Sociolla as it brings on a global growth investor to support its next phase of expansion across Indonesia’s fast-growing beauty and personal care market.
Source: Tech in Asia
