I sat down with a founder who almost lost his company twice… and still built one of Indonesia’s biggest e-commerce enablers.

Brian Marshal took SIRCLO from a Shopify-style startup to powering major brands across TikTok Shop, marketplaces, live commerce and fulfillment… all while surviving the startup crash, failed fundraising rounds and the tech winter.

We spoke about profitability, AI agents, startup governance, IPO readiness, scaling outside Jakarta, and why most Southeast Asian startups got growth completely wrong.

IN THIS EPISODE

00:00 | Why SIRCLO Almost Died Twice

01:38 | The Shopify Idea That Failed in Indonesia

02:25 | Why Brands Need More Than Just a Storefront

04:06 | The Brutal Reality of Startup Fundraising

06:30 | How SIRCLO Finally Became Profitable

07:53 | Preparing SIRCLO for a Possible IPO

11:37 | The Governance Mistakes Startups Keep Making

15:24 | Why Good Tech Infrastructure Pays Off

17:10 | How SIRCLO Is Using AI Agents Internally

19:38 | Scaling E-Commerce Without Owning Warehouses

22:05 | How TikTok Changed E-Commerce in Indonesia

23:31 | Why Catalog Commerce Is Dying

24:00 | Building for TikTok, Live Selling & Creators

25:07 | Why Sales and Marketing Are Merging

26:05 | The Future of Live Commerce in Southeast Asia

26:19 | Will Indonesia Become Like China’s E-Commerce Market?

27:23 | Balancing Profitability and Innovation

28:22 | Why Innovation Failed at SIRCLO Earlier

32:30 | Why Southeast Asian Tech IPOs Struggle

35:10 | Is Indonesia Still a Great Startup Market?

36:36 | Brian’s Vision for SIRCLO’s Next Chapter

Brian Marshal

Brian Marshal is the Founder and CEO of SIRCLO, a leading Southeast Asian e-commerce enabler that helps brands sell online across their own web stores and platforms like TikTok and Shopee. What began as a simple website-builder idea in 2013 has grown under his leadership into an integrated solution powering millions of monthly orders. Over the past decade, Brian has guided the company through organic and inorganic growth, shifting market conditions, and a steady push toward profitability, rooted in a commitment to resilience and integrity.

His personal journey bridges Indonesia and Singapore, built on a background in computer science and data analytics alongside a firm belief in technology's power to unlock new opportunities. Beyond SIRCLO, Brian is deeply committed to nurturing Indonesia’s future leaders through his active involvement in the Informatics and AI Olympiad communities, as well as the McKinsey Young Leaders for Indonesia program.

Rahul Thayyalamkandy

Director of Comms & Community, Vertex Ventures SEA & India

Rahul Thayyalamkandy joined the SEA/India team as the Director of Communication & Community in 2024 and is based in Singapore.

Before joining Vertex, Rahul served as a Product Manager at BLOCK71, an incubator and joint venture of NUS Enterprise and Singtel Innov8, where he developed scalable services for portfolio startups and designed mentorship programs. He also gained experience as a Summer Associate at Cocoon Capital, working with the Managing Partner on investment deals.

https://www.linkedin.com/in/rahulthayyalamkandy/

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Vertex Ventures Southeast Asia & India is a pioneer in investing in tech start-ups in this region and has helped to build a number of unicorns. In this podcast, we seek to share and uncover the Hard Truth - raw, unfiltered insights and venture capital knowledge from across Southeast Asia and India. Tune in to learn from leading founders, innovators, venture capitalists, and industry experts in the region and gain industry insights from those in the know.

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For more information, please visit: https://www.vertexventures.sg 

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