JAKARTA (TheInsiderStories) – Indonesian logistic startup, Waresix, closes a US$100 Series B fundraising from existing investors EV Growth and Jungle Ventures, said the company today. There are also new investors such as SoftBank Ventures Asia, EMTEK Group, Pavilion Capital and Redbadge Pacific involved in the round.
The operator is the leading logistics tech platform in Indonesia in the trucking and warehousing segments. Trucking services, which form the majority of the company’ business, is focused on first-mile and mid-mile intercity shipments. Its deep operational involvement as a provider of managed services enables it to identify key value and efficiency-generating solutions for its clients beyond passive demand and supply matching.
Waresix has been profitable on a net income basis since June 2019. The provider now serves more than 250 marquee corporate clients from diverse industries, including clients within the commodities, fast-moving consumer goods, industrial consumables, infrastructure, and retail sectors.
The company’ logistics ecosystem spans over 40,000 trucks and 375 warehouses in more than 100 cities and towns across Indonesia. The integration with key logistics facilities, such as Indonesia’ national ports, has allowed the company to expand its reach beyond Java and Sumatra, to all main islands across the country.
Waresix has been developing a unified operating system-like platform for its partners, with the goal of improving partners’ daily operations pertaining to their vendors and customers. The platform further provides a compact, single view of partners’ consignments across transport channels and transit warehouses.
Despite disruptions brought in by the COVID-19 pandemic, the company has continued to achieve remarkable results, with rapid growth in its first-mile and mid-mile trucking services while supporting the efficient flow of essential goods and the livelihoods of thousands of truck drivers across the country.
At its core, Waresix believes that logistics, being a major bottleneck in the fast-growing Indonesian economy, provides ample opportunity for innovation within the e-trucking sector. Furthermore, the Indonesian government continues to invest in the country’s physical infrastructure, which serves as further sector catalysts.
Andree Susanto, CEO of Waresix, said, “The capital will be invested to develop the most robust logistics technology infrastructure in South East Asia, and further build out our world-class team to help us seize a large market opportunity.”
The archipelagic makeup of Indonesia has resulted in one of the highest logistics costs in Asia, accounting for nearly a quarter of the country’ US$1 trillion gross domestic product. This high logistics cost not only hampers Indonesia’ industrial competitiveness but also adds to Indonesian SME’s cost of doing business.
Waresix seeks to address challenges and generate enduring solutions for its supply and demand partners in the $240 billion Indonesian logistics market.
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