Indonesian logistics firm J&T Express said to raise $100m from Chinese investors

Photo: Nick Agus Arya/Unsplash

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.

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.