J&T Express, an express delivery company headquartered in Indonesia, is in the final stages of closing a capital raise of more than $100 million, according to multiple sources familiar with the matter.
A large chunk of that amount is already understood to have been secured from Chinese investors last year. The round is also understood to be ongoing.
Two sources aware of the deal told DealStreetAsia that J&T’s round was hotly contested by multiple bidders, with some receiving rejections from J&T along the way. It was understood to be a competitive round because of J&T’s strong market position, leadership and business growth.
These bidders are known to be Chinese venture capital (VC) firms with interests in Southeast Asia. Another source told us that SF Express, an SZSE-listed delivery company from Shenzhen, was also in early talks to invest.
When contacted, J&T Express said, “we are not willing to share on fundraising or investment matters”.
Founded in 2015, J&T Express offers warehouse and supply chain solutions for e-commerce merchants, partnering with online marketplaces like Shopee, Tokopedia, Bukalapak, and Lazada.
The Indonesian logistics firm has also expanded significantly in recent years to cover Vietnam, Malaysia, Thailand, Cambodia, Singapore and the Philippines. Within Indonesia, J&T says it is able to conduct deliveries intra-city, inter-city and inter-provincially.
J&T Express was founded by former OPPO executives, Jet Lee and Tony Chen. Lee was the former CEO of OPPO Indonesia while Chen was the co-founder of OPPO International. J&T’s success has been attributed to its connection with OPPO, securing J&T Express an exclusive partnership with OPPO Indonesia during its early years.
Apart from J&T Express, Jet Lee is also the co-founder of Jet Commerce, which provides services in digital marketing, design and customer relations for budding offline mom-and-pops in Indonesia.
J&T Express last announced that it raised $103 million at a valuation of $543 million in 2017 from undisclosed investors. It also lists itself as a “Hong Kong” invested company, according to its official website.