Southeast Asia’s end-to-end logistics solutions startup aCommerce is looking at raising more than $30 million in a Series B funding round by the beginning of the fourth quarter of this year, according to people close to the development.
The startup is learnt to be in discussions with 2-3 global and local private equity (PE) players to raise funding.
aCommerce is a Thailand-based logistics platform which was founded in June 2013. It was incorporated as a regional full-service e-commerce solutions provider, delivering tailored solutions to global brands and retailers. Among its notable customers are L’Oreal, Hewlett-Packard, Samsung, Nestle, Lazada, Matahari Mall, LINE, Unilever and Philips.
When contacted by DEALSTREETASIA, aCommerce executives said they did not want to comment on market speculations.
In July 2016, the company had raised a $10-million strategic venture round led by MDI Ventures, Telkom Indonesia’s corporate venture capital (CVC) arm, making it one of the largest Series A rounds in a tech-based startup in Southeast Asia. Australian firm Blue Sky and Swiss-based services provider DKSH, which had invested in aCommerce previously, had also participated in the round.
aCommerce, which has operations in Thailand, Indonesia, Philippines, Malaysia and Singapore, plans to expand to Vietnam by the end of this year. It is also expecting its Indonesia operations to turn profitable by 2017-end and achieve profitability at a group level by H2 2018, its management said in response to a query by DEALSTREETASIA.
The company plans to use proceeds from its Series B round to strengthen its position in Indonesia, Thailand, Philippines, and Singapore, and expand operations in Malaysia and Vietnam.
aCommerce offers services that include marketing, fulfilment, store development, delivery, brand commerce, and customer care. Last year, it announced the completion of a 7,000 sq m new warehouse in Cawang, Indonesia. It had also opened two hubs in Bandung and Surabaya three months ago.
aCommerce Indonesia now has total ground capacity of 30,000 sq m, all achieved within the last two years. Moving forward, the company plans to build 15 distribution hubs in and around the archipelago.
Anushka Dhoot also contributed to the story.