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Indonesian logistics startup Kargo raises $31 mn to fight the coronavirus

Kargo coronavirus
Investors who took part in the funding round include Tenaya Capital, Sequoia India, Mirae Asset Management and Intudo Ventures

Indonesia-based logistics startup Kargo has raised around $31 million in a funding round to help the firm fight the coronavirus pandemic, the media reported.

Investors who took part in the funding round for Kargo include Tenaya Capital,  Sequoia India, Mirae Asset Management and Intudo Ventures.

Reportedly, Kargo will also use the funds to scale up its business, besides using it to fight the coronavirus crisis.

The company has launched a $1 million relief fund to help truckers in the region. Reportedly, Kargo employees have contributed from their salaries to the coronavirus relief fund.

Kargo is undertaking intensive precautionary measures such as ensuring that all pit stops on its routes are well-stocked and properly disinfected. Kargo has also implemented an electronic proof of delivery mechanism on its platform to limit physical contact between users.

Co-founder Tiger Fang told the media, “Kargo pledges to be the most reliable logistics partner to ensure no disruptions to the supply chain of essential items in Indonesia. Our entire company is donating a portion of our salaries to this cause and we invite local businesses and organizations to get in touch so we can work this problem together.”

Tiger Fang, who is known for his significant work with Uber Asia, also announced that he will not receive his salary during the next year.

The Jakarta-headquartered company has successfully taken the concept of Uber and applied it to logistics.

Kargo, which was established in 2018, has raised around $38.6 million in funding so far. The startup has more than 6 thousand active transporters and more than 50 thousand trucks nationwide.

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