SiCepat, Announced an end-to-end logistics startup in Indonesia, today it has raised a $ 170 million Series B funding round. Founded in 2014 to provide last-mile delivery for small merchants, the company has expanded to serve larger e-commerce platforms. Its services now also cover warehousing and fulfillment, mid-mile logistics and online distribution.
Investors in SiCepat’s Series B include Falcon House Partners; Kejora Capital; DEG (German Development Finance Institute); MDI Ventures, the investment arm of Telkom Indonesia; Indies Capital; Pavilion Capital, a subsidiary of Temasek Holdings; Tri Hill; And Dai Securities. The company’s last funding announcement was $ 50 million Series A in April 2019.
In a press statement, the founder and CEO of SiCepat’s parent company Onstar Express, Kim Hai said, use the funding to further strengthen SiCepat’s position as a leading end-to-end logistics services provider in the Indonesian market Will be done. To explore the expansion of other markets in Southeast Asia. SiCepat already claims to be profitable and was able to deliver more than 1.4 million packages per day in 2020.
Indonesia has logistics industry Highly fragmented, Which means higher costs for businesses. At the same time, delivery demand for the growth of e-commerce is increasing, especially during the COVID-19 epidemic.
SiCepat is one of several Indonesian startups that have recently raised funds to make the supply chain and logistics infrastructure more efficient. For example, earlier this week, supply chain SaaS provider Advocates announced a $ 2.75 million round. Other notable startups in the space include Kargo, founded by former Uber Asia executive and Varesics.
SiCepat specifically focuses on e-commerce and social commerce, or people who sell goods through their social media networks. In the statement, Kejora Capital’s managing partner Sebastian Togelang said, the Indonesian e-commerce market is expected to grow at a five-year compound annual growth rate by 2025 to reach $ 82 billion.
He added, “We believe that SiCepat is ideally positioned to serve customers from e-commerce giants that cater to social commerce players who contribute an estimated 25% to the total digital commerce economy. ,” They said.