Indonesia’s SiCepat secures $60m from Falcon House, close to sealing $100m Series B round

Indonesian last-mile delivery startup SiCepat Ekspres is understood to have finalised an over $100-million Series B fundraising with Falcon House Partners leading the round with an investment of $60 million. 

“Falcon House Partners is pleased to confirm that we have partnered with Onstar Express Pte. Ltd., leading the company’s Series B fundraise with a $60 million investment. Onstar, through its SiCepat subsidiary, has built an innovative and highly successful business. We look forward to collaborating with the founders and other investors and stakeholders in the company’s next phase of growth,” according to a Falcon House spokesperson.

Indonesia-focused private equity firm Falcon House Partners has previously invested in F&B lifestyle-based companies such as Ismaya group, Potato Head Group, and Harvest.

According to filings submitted to Singapore’s ACRA, SiCepat secured $50 million as the first close of its Series B round two weeks back from Praus Company, which is affiliated with Falcon House Partners. Praus Company bought 129,529 shares for an 8.3% stake in Sicepat as part of the funding round, per the filing.

The total investment from Praus Company Limited, which holds multiple classes of shares in Onstar Express Pte Ltd, amounts to $60 million.

SiCepat is said to be raising the remaining sum from existing backers Kejora and Tokopedia as well as a  new investor, top company executives confirmed to us.

Established in 2004, Sicepat provides customised shipping services based on the package size and delivery speed. In April 2019, Sicepat raised $50 million in its Series A round from Kejora Ventures and Barito Teknologi.

In November, DealStreetAsia had reported that the startup was on track to close its Series B round in December. Singapore-based Indies Capital has invested in the latest funding round along with existing investors, the firm’s chief marketing officer Wiwin Dewi Herawati had confirmed to DSA in an earlier report. We first reported on Sicepat’s Series B fundraising in June

SiCepat Ekspres, which claims to hold a 12% market share in Indonesia, is targeting to hit an 18% market share in 2021 by implementing advanced technologies. A major part of its revenues come from the e-commerce sector including players such as Softbank-backed Tokopedia, SEA Group’s Shopee, and EMTEK Group-backed Bukalapak. Tokopedia is also on its investor roster having participated in SiCepat’s Series A round in 2019. 

The firm is believed to surpass its full-year target revenue of Rp 3.6 trillion ($254.17 million) in 2020, compared to Rp 1.8 trillion ($127 million) in 2019, riding on e-commerce-fuelled demand. The firm has also set a revenue target of Rp 9 trillion ($635.42 million) for 2021. SiCepat also targets to deliver 1.8 million packages per day in 2021, and achieve a utilization rate of around 80 per cent for each branch. 

SiCepat is also weighing an IPO around the second semester of 2021, or early 2021, CMO Wiwin Herawati told us in November 2020, adding that the company was also looking to expand outside Indonesia, including the Philippines and Thailand.

The logistics sector has gained momentum during the pandemic period as consumers increasingly shop online driving demand for e-commerce as well as e-commerce enablers such as SiCepat and Bangkok-headquartered aCommerce. 

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.