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Private Equity
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Investments

26

Portfolio Exits

2

Funds

6

About Northstar Group

Northstar Group is a Singapore-headquartered private equity firm managing more than US$2.0 billion in committed equity capital dedicated to investing in growth companies in Indonesia and to a lesser extent, other countries in Southeast Asia.

Northstar Group Headquarter Location

6 Battery Road Unit #35-05

049909,

Singapore

+65 6533 3210

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Latest Northstar Group News

Dailybox Group Announces USD 24 Million in Series B Funding Led by Northstar Group and Vertex Growth

Jun 22, 2022

Read full article ·3 min read JAKARTA, Indonesia, June 20, 2022 /PRNewswire/ -- Dailybox Group, an Indonesia-based tech-enabled multi-brand restaurant chain, announced it has closed a USD 24 million (approximately IDR 355 billion) Series B investment round led by Northstar Group and Vertex Growth, with participation from existing investors Vertex Ventures Southeast Asia and India (VVSEAI) and Kinesys Group. The start-up plans to deploy the fresh funds to expand its national footprint, enhance its tech capabilities and add more food and beverage brands. The company currently operates more than 150 outlets – making it one of Indonesia's largest F&B operators. Dailybox Group is currently present in more than 20 cities across Indonesia, and plans to continue growing nationally with a focus on second and third-tier cities. "Dailybox Group was founded with the goal to disrupt the F&B industry in Indonesia with various practical comfort food dishes. We are grateful for all investors supporting us to achieve this goal. The new funding will allow us to enhance our tech-enabled product offerings and build momentum in second and third-tier cities. Our strategic expansion plan in non-metropolitan cities will also create many jobs to support the local economy and consumers while strengthening our presence nationally," said Kelvin Subowo, Co-founder, Dailybox Group. From the seed funding phase to date, Dailybox Group grew more than 16x in revenue. It has a total of three F&B brands, including Dailybox (convenient comfort food in rice boxes that has been certified HALAL by LLPOM MUI & BPJPH), Shirato (a fusion of Sushi-Burrito concept) and Breadlife (Indonesia's leading bakery brand). "Dailybox Group has grown significantly in the last two years amidst the pandemic while maintaining attractive unit economics. It is now a leading multi-brand F&B group providing delicious and affordable Indonesian food to customers across the country, and has established outlets in all of Indonesia's major islands. We are impressed by Kelvin and his team and look forward to working closely together to drive growth," said Wong Chee-Yann, Chief Investment Officer, Northstar Group. Story continues "Dailybox Group has developed the formula to bring the best of Indonesia's local cuisines to the wider consuming public from Sumatra to Papua. Through close collaborations with prominent chefs, they have recreated favourite delicacies from different parts of Indonesia, making them accessible while maintaining their authentic taste. We are very impressed with what the team has achieved and look forward to working with Dailybox Group," said Tam Hock Chuan, Managing Director, Vertex Growth. "Dailybox Group is an example of a start-up that successfully balances growth and profitability. From a single brand with a limited footprint, Dailybox Group has quadrupled its earnings and transformed into a collaborative platform in the midst of the pandemic. They are agile and constantly innovate, paving the way for them to become one of the most resilient key players in the F&B industry. We are glad to continue supporting the team with our breadth and depth of knowledge in the category and networks to help them rise to new heights," said Chua Joo Hock, Managing Partner, VVSEAI. During the pandemic, Dailybox Group recorded over a 100x increase in transactions, propelled by the establishments of food delivery platforms and shifting consumer behavior – from hitching a ride to a restaurant to ordering more food deliveries. SOURCE Dailybox Group 1.

Northstar Group Investments

26 Investments

Northstar Group has made 26 investments. Their latest investment was in Dailybox Group as part of their Series B on June 6, 2022.

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Northstar Group Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/20/2022

Series B

Dailybox Group

$24M

Yes

3

6/7/2022

Series B

Pintu

$113M

Yes

15

5/9/2022

Series B

Moladin

$95M

No

2

4/20/2022

Series A

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$99M

Subscribe to see more

10

3/21/2022

Series C

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$99M

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10

Date

6/20/2022

6/7/2022

5/9/2022

4/20/2022

3/21/2022

Round

Series B

Series B

Series B

Series A

Series C

Company

Dailybox Group

Pintu

Moladin

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Amount

$24M

$113M

$95M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

3

15

2

10

10

Northstar Group Portfolio Exits

2 Portfolio Exits

Northstar Group has 2 portfolio exits. Their latest portfolio exit was Gojek on May 17, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/17/2021

Merger

$99M

33

12/11/2019

Acquired

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$99M

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10

Date

5/17/2021

12/11/2019

Exit

Merger

Acquired

Companies

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Valuation

$99M

$99M

Acquirer

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Sources

33

10

Northstar Group Acquisitions

3 Acquisitions

Northstar Group acquired 3 companies. Their latest acquisition was PT Green Fields on December 21, 2020.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/21/2020

$99M

Acq - Fin

1

3/21/2017

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$99M

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10

12/20/2013

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$99M

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10

Date

12/21/2020

3/21/2017

12/20/2013

Investment Stage

Companies

Subscribe to see more

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Valuation

$99M

$99M

$99M

Total Funding

Note

Acq - Fin

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Sources

1

10

10

Northstar Group Fund History

6 Fund Histories

Northstar Group has 6 funds, including Northstar Equity Partners V.

Closing Date

Fund

Fund Type

Status

Amount

Sources

4/28/2020

Northstar Equity Partners V

$590M

4

11/26/2015

Northstar Equity Partners IV

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$99M

10

11/26/2015

Northstar Venture Fund I

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$99M

10

10/19/2011

Northstar Equity Partners III Ltd.

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$99M

10

3/31/2010

Northstar Equity Partners II Ltd.

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$99M

10

Closing Date

4/28/2020

11/26/2015

11/26/2015

10/19/2011

3/31/2010

Fund

Northstar Equity Partners V

Northstar Equity Partners IV

Northstar Venture Fund I

Northstar Equity Partners III Ltd.

Northstar Equity Partners II Ltd.

Fund Type

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Status

Subscribe to see more

Subscribe to see more

Subscribe to see more

Subscribe to see more

Amount

$590M

$99M

$99M

$99M

$99M

Sources

4

10

10

10

10

Northstar Group Team

8 Team Members

Northstar Group has 8 team members, including current Managing Partner, Ashish Shastry.

Name

Work History

Title

Status

Ashish Shastry

Lehman Brothers, and Northstar Capital

Managing Partner

Current

Glenn Sugita

Managing Partner

Current

Patrick Walujo

Managing Partner

Current

C Mark Cressler

Chief Executive Officer

Former

Per Werin

Applied Value Group

Chief Marketing Officer, Managing Director

Former

Name

Ashish Shastry

Glenn Sugita

Patrick Walujo

C Mark Cressler

Per Werin

Work History

Lehman Brothers, and Northstar Capital

Applied Value Group

Title

Managing Partner

Managing Partner

Managing Partner

Chief Executive Officer

Chief Marketing Officer, Managing Director

Status

Current

Current

Current

Former

Former

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