Indonesia logtech startup raises US$100m in funding

Indonesia’s Waresix has raised US$100 million in Series B funding from existing investors EV Growth and Jungle Ventures, and new investors such as SoftBank Ventures Asia, EMTEK Group, Pavilion Capital, and Redbadge Pacific.

Waresix is a logistics tech platform in the trucking and warehousing segments. Trucking services, which focuses on first- and mid-mile intercity shipments, form the majority of its business.

Its solutions include consolidation and back-haul optimisation, as well as hub-and-spoke distribution, which can achieve 50 percent higher truck utilisation than traditional shippers.

Develop infrastructure

“The capital will be invested to develop the most robust logistics technology infrastructure in Southeast Asia, and further build our world-class team to help us seize a large market opportunity.” said Andree Susanto, CEO of Waresix.

Waresix serves more than 250 corporate clients from industries such as commodities, fast-moving consumer goods, industrial consumables, infrastructure, and retail. They include Indofood, JD.ID, Siam Cement Group, Unilever, and Wings.

Its logistics ecosystem spans more than 40,000 trucks and 375 warehouses in more than 100 cities and towns across Indonesia. Waresix’s integration with key logistics facilities, such as Indonesia’s national ports, has allowed the company to expand its reach beyond Java and Sumatra, to all of Indonesia’s main islands.

Despite 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.