Indonesia’s Astra, EverHaus likely to back logistics startup Trukita

An aerial view of freights and trailers.

Indonesia’s leading car-to-banking conglomerate Astra International and early-stage venture capital firm EverHaus are in talks to invest in freight and trucking marketplace Trukita, DEALSTREETASIA has learnt.

While the deal size could not be ascertained, sources said that it is likely to be a seed investment worth low single-digit millions (US dollars).

Trukita and Everhaus declined a request for comment, while Astra said it does not comment on market speculation.

Trukita claims to be one of Indonesia’s leading marketplaces for freight and trucking, wherein it connects businesses with trucking companies. Using blockchain and machine learning, it helps companies track real-time development, analyse their businesses, pay online, and optimise their supply chain.

Astra, which is one of the largest distributors of cars and motorbikes in Indonesia, is present in sectors such as financial services, heavy equipment, agribusiness, information technology and infrastructure, among others.

In the logistics space, Astra’s subsidiary PT Serasi Auto Raya offers services such as freight forwarding and warehousing among others. Industry insiders see the conglomerate’s investment in an online logistics company as complementing its existing services and expanding its scope of operations.

The conglomerate has previously invested $250 million in two tranches in ride-hailing unicorn GOJEK. Its venture capital subsidiary, Astra Mitra Ventura, provides financing to small and medium enterprises in the country.

EverHaus, one of the youngest VCs in Southeast Asia, primarily focuses on the Indonesia market. It invests across sectors in pre-seed to pre-Series A deals ranging up to $500K. The VC firm currently counts Pomona, Aino and Paybill among its portfolio firms.

A host of startups have sprung up in Indonesia — all seeking to solve the archipelago’s logistics challenges and claiming to be the “Uber for trucks” — and have been amassing capital from investors looking to cash in on the country’s e-commerce boom. Last week alone saw Ritase close an $8.5-million Series A led by Golden Gate Ventures, and Waresix secure $14.5 million in a funding round led by EV Growth.

In March, former Uber Indonesia chief Tiger Fang’s startup Kargo Technologies raised a $7.6-million seed funding round led by Sequoia Capital India. The round was backed by Uber co-founder and former CEO Travis Kalanick’s 10100 Fund.

In May, China’s SF Express, Indonesia’s Triputra Group and e-commerce unicorn Tokopedia jointly set up a last-mile delivery platform Anteraja.id, with an initial investment of $50 million.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.