Indonesian logistic startup Sicepat Ekspres raised USD 50 million (IDR 704 billion) in its Series A funding round, led by Barito Teknologi and Kejora InterVest Growth Fund, in one of the largest Series A investments in Southeast Asia. According to Crunchbase, Sicepat Ekspres has raised USD 53.5 million in two funding rounds since it was founded in 2014.
The company offers couriers, warehouses, as well as air and cargo delivery services throughout Indonesia, and caters to tens of thousands of online merchants. It claims to deliver over 200,000 packages every day. The startup currently has 600 outlets throughout the country and aims to have 200 drop points in Greater Jakarta this year.
Sicepat Ekspres will utilize this fresh investment to improve infrastructure by adding 50 drop points in Jakarta alone, and more drop points in major cities of Java, namely Bandung, Surabaya, Yogyakarta, Malang, and Semarang, said CMO Wiwin Dewi Herawati to local media.
The company will also add more vehicles to its fleet in order to anticipate the surging demand during Ramadan in May and the Islamic holiday Eid al-Fitr in early June. Herawati said Indonesia’s shipping volume usually swells significantly during these periods. Moreover, Sicepat Ekspres will accelerate its IT capacity by developing a transport management system that allows the company to monitor its operations more quickly and conveniently.
Barito Teknologi is the investment arm of Indonesian petrochemical group Barito Pacific. It is also a limited partner in Kejora’s funds. The Kejora InterVest Growth Fund is a joint fund between Kejora Ventures and South Korea’s venture capital firm InterVest Co. Kejora Ventures also invested in Sicepat’s seed funding in 2017.
Editor: Brady Ng