Last-mile logistics player, SiCepat secured a Series B funding worth $170 million or 2.44 trillion Rupiah. The number is claimed to be the largest for the Series B stage in Southeast Asia. Investors in this round including Falcon House Partners, Kejora Capital, DEG (German Development Finance Institute), Asia-based insurer, MDI Ventures, Indies Capital, Pavilion Capital (a subsidiary of Temasek Holdings), Tri Hill, and Daiwa Securities. .
In DailySocial observation, SiCepat Ekspres had proceeded transactions of IDR 3.5 trillion during 2020, an increase of 194% compared to 2019 with a total shipment of 180 million packages throughout Indonesia.
Pandemic drives business growth
Increased business growth during the pandemic is the main reason for investor confidence in SiCepat. Sicepat is considered to be one of the few players providing logistics services for a new age economy providing e-commerce and social commerce transactions.
The fresh funds will be used by the company to tighten its position as a leading end-to-end logistics service provider in Indonesia and explore potential expansion into other markets in Southeast Asia.
“We are even better equipped to support and empower millions of SMEs and local businesses not only to survive but to thrive during these difficult times,” SiCepat’s Founder and CEO, Kim Hai said.
The company also plans to invest in infrastructure. SiCepat currently provides Last-mile, Warehousing & Fulfillment, Commerce-Enabling Services, Online Distribution, and Middle-Mile Logistics.
“The Indonesian e-commerce market will reach $32 billion in 2020 with a projected 5-year CAGR of 21% at $82 billion industry by 2025. We believe that SiCepat is ideally positioned to serve customers of the e-commerce giant,” Kejora Capital’s Founding Partner, Sebastian Togelang said.
In the previous interview with DailySocial, SiCepat will also enter into a new business in the food delivery segment.
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Original article is in Indonesian, translated by Kristin Siagian
