Singapore-based brand aggregator Una Brands has exited the Indonesian market as part of a broader strategic pullback aimed at improving profitability and concentrating resources in a smaller set of core geographies, the company said.
The company said it shut its Indonesia entity in FY2025 to “realise value from that market” and reallocate capital towards regions where it sees stronger operating leverage.
“This move also allows us to concentrate our efforts and capital on other high-performing geographies,” a company spokesperson told DealStreetAsia, adding that brand exits and portfolio churn have been part of Una Brands’s broader strategy to generate returns for stakeholders.
The company said its strategic reset goes beyond geographic retrenchment. Rather than pursuing growth through scale and market expansion, Una Brands said it is prioritising operational efficiency and technology-led execution in markets where it already holds a strong position.
“Our strategy has evolved beyond sheer volume to prioritise operational excellence powered by AI,” the spokesperson said, citing the use of proprietary tools for inventory management, product development, and marketing automation.
Following the Indonesia exit, Una Brands said its efforts are now focused on deepening its market in the US, Europe, Australia, and Singapore. The company declined to disclose the exact number of brands in its current portfolio.
“Regarding our current portfolio, we do not comment on specific brand names or the exact number of brands,” the spokesperson said. “But to clarify, we do hold a portfolio of brands which includes Ergotune.”
According to its latest financial statement for the year ended December 31, 2024, Una operates several brands, including Ergotune, Hendrix, Freedom, Nihon Skin, and Super Mama Lab.
A source familiar with the matter told DealStreetAsia that Una Brands owned only one brand in Indonesia—Jiera—and was in talks to sell it, although the transaction did not materialise.
Jiera’s founder previously stated on LinkedIn that Una Brands acquired his business back in 2023, but he bought back his shares in November 2025 and later joined another local brand aggregator.
Una Brands also mentioned a fundraise completed in 2025, which “has stabilised its cash position and provided sufficient runway to execute its revised strategy”. While the company did not disclose the size of the raise, it said the additional capital has strengthened its financial position following the losses recorded in recent years.
However, the fundraising is not reflected in the latest filings available with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). According to DealStreetAsia’s DATA VANTAGE, Una Brands last raised capital in March 2023, securing around $2.7 million from Northstar Group, now Ares. The company has raised a total of $46.63 million since its inception in 2020. Alpha JWC is the largest shareholder with a 25.93% stake, followed by White Star Capital at 17.21%.
Co-founder and former chief executive Kiren Tanna, who left the company in February last year, still holds an 11.56% stake. The chief executive role is currently held by Cho Weihao, who previously served as chief financial officer.
Financial performance
Una Brands’s Indonesia exit comes against the backdrop of continued losses at the group level, although the scale of those losses narrowed in 2024.
According to audited financial statements filed by MMA Brand Services Pte Ltd—the holding company for Una Brands—the group recorded revenue of $30.9 million in FY2024, down by 28.1% from $43 million in FY2023.
The company’s losses, however, narrowed by 86% to $4.7 million in FY2024 from $33.5 million a year earlier, reflecting a sharp reduction in costs and the absence of large impairment charges that weighed on prior-year results.
Operating expenses remained elevated, with selling and distribution expenses of $5.4 million and general and administrative expenses of $9.95 million in FY2024, but both were lower than FY2023 levels, according to the consolidated profit and loss statement.
Despite remaining in the red at the net level, Una Brands’s operating cash position improved materially. Net cash used in operating activities narrowed to $95,000 in FY2024, compared with a $6.7-million outflow in FY2023, reflecting tighter working capital management and lower cash operating losses.
However, cash balances continued to decline. Cash and cash equivalents stood at $1.9 million as of end-2024, down from $10.4 million a year earlier, underscoring the group’s reliance on external funding to support operations.
