Indonesia-based logistics startup Sicepat Ekspres had raised $50 million in Series A funding last year from Barito Teknologi and Kejora InterVest Growth Fund, the company disclosed on Tuesday.
The startup said the funding was one of the largest Series A rounds recorded in the region.
Sicepat caters to e-commerce and online merchant requirements and offers couriers, warehouses and air and cargo delivery across the archipelago. It claims to support more than 200,000 package deliveries on a daily basis in Indonesia.
Sicepat plans to use the newly-secured funding to increase its logistics capacity to serve a wider number of customers.
“Logistics is a strong growing industry to support the rapid e-commerce growth in Indonesia and the retail boom in Southeast Asia in general. With the increasing ease-of-business and online shopping exchange within the region, synergies with Indonesia’s champions are needed sooner than later to ensure our fulfillment capability,” said Kejora Ventures founding partner Sebastian Togelang.
The startup had previously raised seed funding of $3.5 million from Kejora Ventures in 2017.
Barito Teknologi is the investment arm of Indonesia’s largest petrochemical group Barito Pacific. The investment in Sicepat is its first direct investment into a technology startup. Barito Teknologi is also a limited partner in Kejora’s funds.
Kejora InterVest Growth Fund is a joint fund between Kejora Ventures and South Korea’s venture capital firm InterVest Co. InterVest usually invests in early-stage startups focusing its business in healthcare, biotechnology, machinery, and telco solutions.