Indonesia's Shipper gets $63m Series B
Indonesian logistics start-up Shipper has raised a $63 million Series B round led by DST Global and Sequoia Capital India.
Prosus Ventures, Lightspeed SEA Advisors, AC Ventures, and US investors Floodgate and Y Combinator also participated. Total funding since the company’s inception in 2017 amounts to almost $90 million, according to AVCJ Research.
It comes just under one year after a $20 million Series A led by Prosus. Shipper represents Prosus’ first investment in Indonesia and the first step in a more concentrated Southeast Asia strategy. Earlier this year, the VC firm hired Sachin Bhanot, formerly of B Capital Group, as its Singapore-based head of Southeast Asia.
Shipper aims to digitize the Indonesian logistics space for micro small and medium-sized enterprises through a platform-managed network of fulfillment and delivery operators, including freight-forwarders. The company is said to have 161 warehouses across 30 Indonesian cities. There is a strong focus on facilitating e-commerce.
The fresh capital will be used to grow the team, develop technology, and expand the company’s network of partners. As of the Series A, the goal was to have at least 1,000 micro-hubs to facilitate pick-ups. There were also plans to expand operations around the region, with Thailand, Vietnam, and the Philippines mooted as likely growth markets.
Logistics spending in Indonesia, already believed to equate to 20% of GDP, appears set to boom as pandemic-influenced changes in consumer behavior come to light. This includes higher confidence in purchasing online and greater interest in food delivery. Start-ups already active in this space have emphasized the need to respond by developing new tech-enabled services.
Indonesian logistics start-up Sicepat, which recently acquired a food delivery business, raised a $170 million Series B last month with a view to expanding into new markets in Southeast Asia. Other notable VC-backed players in this space include Waresix and Kargo, which describes itself as Indonesia’s only pure online marketplace for the $50 billion local trucking industry.
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