The Waresix team
(An earlier version of this article — written based on the details taken from an official press release — mentioned the funding amount as US$69M. After publishing, Waresix contacted e27 to update the piece to reflect the actual amount.)
Indonesian logistics-tech startup Waresix said today it has concluded its US$100 million Series B fundraise from existing investors EV Growth and Jungle Ventures, and new investors, including SoftBank Ventures Asia, EMTEK Group, Pavilion Capital and Redbadge Pacific.
This round comes just six months after the startup secured US$25.5 million in Series A round.
Also Read: Indonesian logistics tech startup Waresix seals US$14.5M Series A led by EV Growth
“The capital will be invested in developing the most robust logistics technology infrastructure in Southeast Asia, and further building out our world-class team which will help us in transforming a US$40-billion industry,” said CEO Andree Susanto said.
Founded by Susanto and Wibowo, both alumni of the University of California Berkeley, Waresix connects shippers and business with available warehouses and trucks across Indonesia. The firm aims to improve supply chain efficiency by improving utilisation and removing intermediaries.
It provides multi-modal services including land and marine transportation, general cargo handling, and cold storage to cater inter-island freight movement across Indonesia.
Waresix claims it serves more than 250 marquee corporate clients, such as Unilever, Indofood, Siam Cement Group, Wings, and JD.ID. Its logistics ecosystem spans over 40,000 trucks and 375 warehouses in more than 100 cities and towns across the archipelago.
Also Read: 5 reasons to be bullish on logistics tech in Asia
The company has also integrated its services with key logistics facilities such as the Indonesia National Port, which has allowed Waresix to expand its reach beyond Java and Sumatra which is now across all of the nation’s main islands.
As per an SCMP report, Southeast Asia’s third-party logistics market accounted for US$36.4 billion in 2017 and is expected to grow at a compound annual growth rate of 5.5 per cent through 2025. This makes it a soon-to-be US$55.7 billion industry, according to Research and Markets.
The archipelagic makeup of Indonesia has resulted in one of the highest logistics costs in Asia, accounting for nearly a quarter of the country’s US$1 trillion gross domestic product (GDP).
Also Read: Logistics startup Moovaz raises US$7M Series A funding round led by Quest Ventures
In its 2018 Logistics Performance Index, the World Bank found that while Indonesia’s logistics sector has improved in recent years, the country’s logistics cost-to-GDP ratio of 24 per cent still lags behind that of regional peers Thailand and Malaysia. This makes logistics in Indonesia a US$240 billion opportunity.
—
Image Credit: Waresix
The post (Updated) Waresix closes US$100M Series B to grow its tech-enabled first-mile, mid-mile logistics services in Indonesia appeared first on e27.