International Finance

Indonesian logistics startup Waresix closes $100 mn funding round

Waresix funding_IFM_Image
Participating investors include Softbank Ventures Asia and Indonesian conglomerate Emtek

Indonesia-based logistics startup Waresix has raised around $100 million in its latest fundraising round, the media reported.

Investors who participated in the funding round include Softbank Ventures Asia, Pavilion Capital, Redbadge Pacific and Indonesian conglomerate Emtek.

Existing investors such as EV  Growth  and  Jungle  Ventures also took part in the funding round for Waresix.

With regard to the funding, Andree Susanto, chief executive officer at Waresix told the media, “We are excited to on-board a group of high-quality long-term investors and partners that have committed to support Waresix in our journey to be the new engine for trade and commerce growth in Indonesia. 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.”

Waresix is one of the leading logistics tech platform in Southeast Asia in the trucking and warehousing segments.

The startup currently serves more than 250 corporate clients in the commodities, fast-moving consumer goods, industrial consumables, infrastructure, and retail sectors.

Waresix’s list of investors include Unilever, Indofood, Siam Cement Group, Wings, JD.ID and numerous other MNCs.

It operates more than 40,000 trucks and 375 warehouses in more than 100 cities and towns across Indonesia.

Earlier this year, another logistics startup based in Indonesia called Kargo raised around $31 million in a funding round to help the firm fight the coronavirus pandemic.

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.

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