Astro is a new player in the realm of quick commerce in Jakarta, Indonesia, focusing on convenience and efficiency in grocery delivery. Founded in September 2021, Astro aims to deliver groceries to its customers within 15 minutes through its app.
Coupled with its rapid growth and the introduction of Employee Stock Ownership Plans (ESOPs) to their employees, the company needed a reliable partner to help it with equity management. That led them to Carta.
The company underwent three rounds of funding in its first year, reflecting its rapid growth trajectory—a seed funding round in September 2021, followed by a Series A in January 2022, and a Series B in mid-2022,
These financing rounds exponentially expanded its stakeholder base, and Astro quickly realized the challenges of managing equity. The company’s initial approach to equity management was labor-intensive and manual, which became increasingly unsustainable.
“The change has been very dynamic, and maintaining everything manually was quite painful at that time,” said Marcella Moniaga, co-founder and CFO of Astro.
That’s where Carta’s cap table management product proved essential.
One of Astro’s distinctive features is its commitment to building a sense of ownership among its employees. In Indonesia, ESOPs are not yet common practice, presenting a unique challenge for Astro in introducing this concept to its workforce.
“We want to build trust with the employees,” emphasizes Marcella.
Carta proved instrumental in overcoming this hurdle by providing a user-friendly platform that simplified the understanding of ESOPs for Astro employees.
“Carta’s platform was easy to use and informative,” Marcella said.
The clear interface and comprehensive resources on Carta’s website ensured that Astro could effectively educate its employees on the benefits and mechanics of ESOPs, fostering a culture of ownership and alignment with company goals.
Staying compliant
Navigating the complexities of employee management—and educating employees about its benefits— is daunting enough for fast-growing startups. Equally challenging is adhering to potentially confusing regulations, as Astro continued its rapid expansion, ensuring compliance became paramount.
“Having Carta helps startups standardize and ensure you are in line with industry standards and regulations,” Marcella says. With Carta’s support, Astro was able to streamline its equity management processes and valuations, ensuring accuracy and compliance every step of the way.
“To have Carta supporting us throughout this process from beginning to end is very reassuring,” Marcella says.
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