Indonesian trucking service platform Ritase has raised an undisclosed amount in a Series A funding round to facilitate its business plans.
The capital raised will be used for geographical expansion, as the company plans to foray into two new regional markets this year, it announced at a media event.
Even as the names of investors were not disclosed, it is understood that the funding has come in from both existing and new investors.
While existing investors make up for 30-40% of the total funding, new investors who have participated in the current round are all international players – financial institutions and strategic investors.
Details of the transaction will be announced at another media gathering next month.
“We are confident that the combination of kinds of investors, including financial institutions and strategic partner, will really support Ritase’s growth and help us go international,” said Ritase founder and CEO Iman Kusnadi.
Earlier called Trucktobee, Ritase is a mobile and desktop-based truck logistics service provider that connects shipper and transporter on a single platform, thereby following a B2B model.
The company offers an O2O truck freight platform that integrates service to trucker and shipper real time by directly monitoring through a detailed reporting system that enables businesses to have a periodic automatic report containing the number of profits obtained from truck delivery service.
As of 2019, Ritase claims to facilitate tens of thousands of shipping transactions per month with the support of 6,500 trucks, 500 transportation companies and 7,000 driver partners connected through the platform.
The company recently launched Smart Shelters in the East Java region, which function as a gathering point for its driver partners. Going forward, the company is set to launch a new product called Group Buy, which will allow users to buy and sell trucks and trucking related products within the Ritase platform.
The new funding comes a year after the company raised its pre-Series A funding round from Insignia Venture Partners, Skystar Capital and angel investor Tarun Gandhi.
In Indonesia, Ritase competes with Kargo Technologies, a trucking logistics startup co-founded by former Uber Indonesia country manager Tiger Fang. The company recently secured $7.6-million seed funding round led by Sequoia Capital India and joined by Uber co-founder and former CEO Travis Kalanick’s 10100 Fund.