Sixty percent of the fund is already committed.
The fifth iteration of this online sale event will be held from Sept 3 to 7, 2018.
MyCyberSale and 9.9 Rewards Day may boost e-commerce spend in September.
Round was led by Credit Saison and more than 10 institutional investors.
Fund is aimed at seed to Series A technology startups.
ShopBack survey involves 2,400 shoppers in seven Indonesian cities and 160 online merchants.
Uber riders will earn Cashback for every ride booked via the ShopBack mobile app.
Singapore-based cashback startup ShopBack says it has grown tremendously in the past year, with Indonesia being its biggest growth market.
Indonesia gears up for the year-end online sales with 211 e-commerce players coming together to offer up to 95% in discounts.
Lower overall costs, free shipping, and safe payment methods continue to bring Singaporeans online. By 2025, it is estimated that Singapore’s ecommerce market will make up 6.7% of all retail sales.