EV Growth, Jungle lead round for Indonesia's Waresix
Indonesian logistics technology provider Waresix has secured about $75 million in Series B funding led by existing backers EV Growth and Jungle Ventures.
Pavilion Capital, SoftBank Ventures Asia, Emtek Group, and Redbadge Pacific came in as new investors. Waresix said the capital raising process was carried out over the course of the past year. It comes eight months after confirmation of a $25.5 million Series A.
Waresix positions itself as the leading logistics tech platform provider in the trucking and warehousing space. It focuses on first-mile and mid-mile intercity shipments, including hub-and-spoke distribution, and claims to improve truck utilization rates by 50% compared to traditional services.
The company aims to differentiate itself from other companies that match truckers with customers by cultivating a managed-service ecosystem. This is facilitated by an operating-system-like platform that allows users to track their counterparties’ consignments across transport channels and transit warehouses.
The service has more than 250 corporate clients, including Unilever, Indofood, Siam Cement Group, and JD.com Indonesia. This network spans more than 40,000 trucks and 375 warehouses in more than 100 cities and towns across Indonesia. According to a statement, Waresix has been profitable since June last year despite disruptions related to COVID-19.
Indonesia’s archipelago landscape has created one of the highest-cost logistics environments in Asia and is said to account for nearly a quarter of the country’s $1 trillion GDP. About three-quarters of logistics costs are related to transportation. Waresix estimates Indonesia’s overall logistics market is worth $240 billion, about $55 billion of which is represented by the trucking and warehousing segment.
EV is a joint venture between East, Indonesia’s Sinar Mas Digital Ventures and Japan’s YJ Capital that closed its debut fund last year at $200 million. Jungle closed its third Southeast Asia fund last year at $240 million. Pavilion is a growth-stage investor controlled by Temasek Holdings. The three firms invested together as recently as July, joining a Series E round for Indonesian e-commerce services provider Social Bella.
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