IFC to invest up to $31m in Indonesia’s logistics company ASSA

International Finance Corporation (IFC), a member of the World Bank Group, announced that it will invest up to 451 billion rupiah ($31 million) in convertible bonds into Indonesia’s logistics player PT Adi Sarana Armada (ASSA).

Established in 1990, IDX-listed ASSA started off as a vehicle rental company before expanding to other services such as vehicle auction, and logistics, among others. It subsequently launched its IPO on the Indonesian Stock Exchange in 2012.

Currently, ASSA has a fleet size of 25,000 vehicles under its rental business. The company also has a complementing car-sharing service under the ShareCar application platform.

With the investment, ASSA is looking to scale its express logistics entity PT.Tri Adi Bersama, also known as Anteraja, and broaden its e-commerce logistics footprint in Indonesia. Anteraja claims to have deliver over 700,000 parcel orders per day.

SMEs, key incubators of jobs in Indonesia, as well as millions of female entrepreneurs who rely on the rapidly growing e-commerce market as a key source of trade and income will stand to benefit from the expansion of last-mile delivery and pick-up services.

“This crucial investment will unlock access to goods and services and will also benefit millions of people who live outside Indonesia’s major population centers, including those in poorer regions who often also face higher prices due to logistics constraints and transport costs,” said Alfonso Garcia Mora, IFC vice president for Asia and the Pacific. “The COVID-19 pandemic is exacting a huge human and economic toll on the people of Indonesia, making investments like this, which will help preserve and create jobs, even more critical.”

Mass digitalisation and internet penetration are driving the development of Indonesia’s e-commerce market, which currently accounts for $12 billion per year in gross merchandise value, projected to grow to $30 billion per year by 2025.

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. 
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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.