Indonesia’s MDI Ventures backs Waresix, Paxel in hushed logistics bets

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Indonesia’s MDI Ventures, the venture capital arm of state-owned telco firm Telkom Indonesia, has made hushed bets in logistics startups Waresix and Paxel, DealStreetAsia has learnt.

Waresix, which last year raised $100 million from investors including SoftBank and Emtek, provides warehousing and trucking services, while Paxel offers same-day delivery service and a smart locker network.

The two deals mark MDI’s first investments in pure-play logistics firms since its establishment in 2015. Previously, the investment firm had backed logistics enablers Anchanto, aCommerce and Paket.id. Earlier this year, it also announced an investment in last-mile delivery company SiCepat Ekspres.

The funding for Waresix and Paxel are two out of eight new investments made by MDI Ventures last year, none of which were announced, per a document seen by DealStreetAsia. The firm made seven deal announcements last year but made as many as 20 investments, the bulk of which went to existing portfolio companies, the document shows.

The other new investments made by MDI last year are loyalty platform Tada, e-commerce startup Julo, biotech firm Manus Bio, fishery startup Aruna, podcast company Inspigo and edtech startup Sekolahmu.

DealStreetAsia was not able to ascertain details of the said deals. MDI Ventures declined to comment when asked for confirmation.

It is understood that the investments last year were made from multiple funds managed by MDI Ventures, which employs a multi-stage VC playbook as part of its investment strategy.

It currently manages a $150 million growth fund dubbed Centauri in partnership with South Korean firm KB and two independent funds – a $500 million late-stage balance sheet vehicle and a $40 million early-stage fund (Arise).

To support companies at the pre-seed level, MDI parent Telkom Indonesia runs an incubator programme called Indigo Nation.

While MDI continued to actively deploy capital during the COVID-19 pandemic last year, it did not publicly announce any exits.  In 2019, in comparison, the firm managed to clock five exits, more than any other Indonesian VC.

DealStreetAsia had earlier reported that the firm has been in talks to invest in B2B commerce startup Sinbad and fintech company Cermati.

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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.