The Jakarta Post
Logistics technology company Waresix closed its series-B funding round, raising almost US$100 million over the last year to fund its business development.
The funding came from existing investors EV Growth and Jungle Ventures, as well as new investors including SoftBank Ventures Asia, Indonesian tech and media firm EMTEK Group, private equity fund Pavilion Capital and Redbadge Pacific.
“The capital will be invested to develop the most robust logistics technology infrastructure in Southeast Asia and further build out our world-class team to help us seize a large market opportunity,” Waresix CEO Andree Susanto said in a statement on Thursday.
In January, the company announced that it had received $11 million from EV Growth and Jungle Ventures in its extended series-A round.
Despite disruptions due to the COVID-19 pandemic, the company saw rapid growth in its first mile and mid-mile trucking services, which made up the majority of the firm’s business, Andree added.
Waresix also claims it has been profitable on a net income basis since June 2019, two years after its establishment in 2017.
Waresix, which has 40,000 trucks and 375 warehouses in more than 100 cities across Indonesia, serves more than 250 corporate clients such as fast-moving consumer goods (FMCG) giant Unilever, food manufacturing giant Indofood and e-commerce platform JD.ID.
“We believe that logistics, being a major bottleneck in the fast-growing Indonesian economy, provides ample opportunity for innovation within the e-trucking sector,” Andree said.
Indonesia’s logistics market, estimated to be worth $240 billion, is an attractive yet challenging sector due to the country’s geography of more than 17,000 islands. (eyc)