-64%

est. 2Y upside i

E-CommerceSeries C

Super is the first and leading Indonesian social commerce platform

Rank

#2898

Sector

Social Commerce, E-commerce

Est. Liquidity

~3Y

Data Quality

Data: Low

Super operates in a promising social commerce niche in underserved Indonesian markets, leveraging a strong community-based model.

Last updated: March 10, 2026

Bull (24%)+150%

Super successfully expands into new regions like Kalimantan and Bali, and its private label brands gain significant traction, driving revenue to $30M+ by 2028. This strong growth and market leadership in underserved regions justify a $750M valuation at 25x revenue, attracting a strategic acquisition.

Base (44%)+20%

Super continues its steady expansion in East Java and other tier-2/3 cities, growing revenue to $10M by 2028. It maintains its competitive moat against local players but faces increasing pressure from super apps like Grab and Gojek, leading to a modest valuation increase to $360M.

Bear (32%)-50%

Aggressive expansion by Grab and Gojek into social commerce, coupled with increased competition from other local players, erodes Super's market share and pricing power. Growth stalls, and the company struggles to raise further capital, leading to a down round or a distressed sale at a $150M valuation, significantly impacting common stock value due to liquidation preferences.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Investors hold $106M in liquidation preferences ahead of common stock. In an exit at or below $300M, employees with common stock would see their returns significantly reduced or wiped out until the $106M preference is covered.

Dilution Risk

high

As a Series C company with $3M in revenue, Super will likely require additional funding rounds to reach profitability or a significant exit, leading to further dilution for existing shareholders.

Secondary Liquidity

none

There is no public information indicating active secondary markets or tender offers for Super's equity.

Operations — 2 roles

View all 14 open roles at Super →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Super's data — designed to show you've done your homework.

  • 1

    “Given the strong presence of super apps like Grab and Gojek in Indonesia, how does Super plan to defend and expand its market share in social commerce, particularly if these incumbents aggressively move into your core underserved regions?”

  • 2

    “With current revenue at $3M, what are the key milestones and growth strategies for Super to achieve significant revenue scale (e.g., $50M-$100M ARR) over the next two to three years, and how will the new private label and cosmetics initiatives contribute to this growth?”

  • 3

    “Considering the Series C funding in 2022 and the current market conditions, what is the company's anticipated timeline and strategy for a liquidity event (e.g., IPO or acquisition), and how is employee equity structured to maximize returns in various exit scenarios, especially given the preference stack?”

Community

Valuation Sentiment

Our model estimates -64% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.