JAKARTA (TheInsiderStories) - Logistic startup, Logisly, announced that it has raised US$6 million in Series A funding led by Monk Hill Ventures, said the company on Tuesday (11/03). Last year, the provider received an undisclosed amount of funding in a seed round from Convergence Ventures, SeedPlus, and Genesia Ventures.
“We are thrilled to be working with the team to increase logistics efficiency in Indonesia through technology,” said Monk Hills in their Twitter account.
Co-founder and CEO of Logisly, Roolin Njotosetiadi explained, currently only 40 percent of trucks are used in Indonesia. So far, the operator claimed to have a network of more than 40,000 trucks covering Java, Sumatra and Bali. They have also served 300 shippers from various sectors including consumer goods, pharmaceuticals, construction, and e-commerce.
The company is also reportedly developing its business in terms of handling import-export services and cargo insurance. With the new funds, Logisly will scale its operations in Indonesia by growing its sales and vendor acquisition teams in the archipelago.
Njotosetiadi sees several challenges that need to be tackled in the logistic industry, namely “fragmented ecosystem players, high logistics costs, manual processes, and unreliable drivers and transporters.” The company, founded in 2019, aims to serve as a single point of contact for orders, payment, and tech support for shippers and truck providers.
With the new funds, Logisly will scale its operations in Indonesia by growing its sales and vendor acquisition teams in the archipelago. With a network of more than 40,000 trucks, the company said it currently serves over 300 corporate shippers from sectors like consumer goods, chemicals, construction, and e-commerce.
Ken Research sees, Indonesian logistic market is expected to reach over than $300 billion in revenue by 2024, growing from this year’ target of$220.9 billion, or have an annual growth rate of 7.9 percent.
Logisly founded in 2019, aims to serve as a single point of contact for orders, payment, and tech support for shippers and truck providers. With a network of more than 40,000 trucks, the company said it currently serves over 300 corporate shippers from sectors like consumer goods, chemicals, construction, and e-commerce.
Written by Editorial Staff, Email: theinsiderstories@gmail.com
