Indonesian logistics startups Ritase, Waresix close to raising funds

Indonesian logistics startups Ritase and Waresix, which are focused on middle mile-delivery or transport of goods from warehouses to retailers, are in advanced talks to raise funding, said sources privy to their fundraising plans.

Waresix is understood to be in the process of finalising a $50-million round and “the transaction is expected to close soon,” said one of the persons mentioned above. While its existing investors such as EV Growth and Jungle Ventures are expected to participate in the round, there is one new player in the fray as well, the person added on condition of anonymity.

Meanwhile, the trucking services platform Ritase is said to be in the midst of raising over $15 million to expand its operation. Last year, the company made headlines for garnering around $13 million.

These negotiations have surfaced at a time when the sector is witnessing increased investor interest. Earlier this month, DealStreetAsia had reported that SiCepat Ekspres is eyeing a corpus of over $100 million.

While Waresix and its proposed investors did not respond to our query, Ritase declined to comment on the development. “Unfortunately, we can’t make any comment at this moment until all settle,” its spokesperson said.

Waresix’s platform connects small and fragmented trucking and transport companies with corporations by offering solutions from order matching to planning, routing and scheduling. It last raised around $11 million in its Series A round in January 2020 and its total funding stands at over $27 million to date.

Apart from EV Growth and Jungle Ventures, Waresix’s other backers include East Ventures and SMDV.

Ritase, on the other hand, is supported by investors such as Insignia Ventures, Golden Gate Ventures, Skystar Capital and Mitsibushi.

According to Donald Wihardja, CEO at MDI Ventures, one of the biggest factors that work for middle-mile delivery is the large market that the archipelago offers. Besides, the sector is a proven market fit in other countries such as China and India.

“Also, what works to its advantage is that there are “quite a few well-backed players,” said Wihardja.

“This is a sector rearing to go. However, it is also full of brokers, supplies with a dubious track record,” he added.

Of late, the logistics sector has witnessed significant traction in the archipelago. Singapore-headquartered Ninja Van, which has a significant presence in Indonesia, recently raised $279-million in a fresh round of funding after the pandemic led to a surge in e-commerce demand. Other companies that attracted funding include Kargo Technologies, Shipper and Logisly, among others.

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.