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Indonesian logistics startup Logisly raises $6m in series A round
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Logisly founders Roolin Njotosetiadi (left) and Robbi Baskoro (right) gesture during the start-up's event in this undated handout photo. (Courtesy of Logisly/-)
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ech-enabled logistics platform Logisly has secured US$6 million in a series A funding round led by Monk’s Hill Ventures to scale up its operations and strengthen its network of shippers and transporters in Indonesia.
Logisly is a business-to-business (B2B) platform that connects shippers with trucking providers from verified corporate carriers.
It uses an algorithm to aggregate supply and demand for trucking, providing shippers with verified trucks powered by real-time tracking and digital proof of delivery (POD). Meanwhile, it offers trucking providers a facility to utilize vacant trucks and receive payment.
“We are focused on digitizing the logistics industry in Indonesia, which remains largely fragmented,” said the startup’s CEO and cofounder, Roolin Njotosetiadi, in a press statement on Tuesday. She added that the industry also faced challenges such as high logistics costs, manual processes and unreliable drivers and transporters.
The government has been making efforts to bring down the country’s high logistics costs and reduce price disparities among islands of Indonesia. The country’s logistic costs stand at 23.5 percent of the gross domestic product (GDP), Finance Minister Sri Mulyani Indrawati revealed in September.
Indonesia’s ranking on the World Bank’s Logistics Performance Index (LPI) 2018 rose 17 places to 46th of 160 countries surveyed, but it remains below neighboring middle-income countries Thailand (32nd), Vietnam (39th) and Malaysia (41st).
Roolin went on to say that Logisly aimed to increase logistics efficiency in Indonesia through technology and provide more certainty in managing supply chains through a wide network of transportation services, order transparency and automation.
Since its inception in 2019, Logisly has partnered with more than 1,000 businesses across Indonesia. It currently has a network of more than 40,000 trucks and serves more than 300 corporate shippers, including fast-moving consumer goods company Unilever, e-commerce firm JD.ID, and ride-hailing service Grab.
“Logisly has made great strides in solving the large inefficiencies in the Indonesian B2B logistics industry and driving its long overdue digitalization,” said Justin Nguyen, partner at Monk’s Hill Ventures. “Only a year and a half into their journey, the team has grown and managed astutely, already achieving positive contribution margins.”
Logistics is among some of the sectors that kept growing amid the COVID-19 pandemic. Another Indonesia-based logistics company, Waresix, recently closed its series-B funding round, raising almost $100 million over the last year, while Kargo bagged $31 million in series A funding in April.
