Indonesian last-mile delivery startup SiCepat Ekspres announced on Friday that it is signing a conditional share subscription agreement (CSSA) to acquire a 51% stake in DigiResto, a food ordering platform developed by Digital Maxima Kharisma (DMK), a subsidiary of M Cash Integrasi (MCAS), a listed digital distribution company.
The investment, subject to due diligence, will see SiCepat getting directly involved in the development of DigiResto, the company said in a statement.
The announcement follows SiCepat’s Series B funding, as reported by DealStreetAsia on Tuesday (Jan 5). SiCepat is said to have finalised over $100 million in the Series B fundraising. Falcon House Partners led the round with an investment of $60 million.
“Through this investment, SiCepat looks to scale up platform adoption and refine service capabilities of DigiResto and grow our revenue streams by tapping into the burgeoning food-delivery market that is estimated at almost $2 billion as of 2020,” SiCepat CEO The Kim Hai said. “Moving forward, we are looking to explore further strategic investment opportunities with MCAS Group and integrating more of their tech offerings within our supply chain.”
DigiResto is a food & beverages (F&B) ordering platform that is built upon MCAS Group’s technological capabilities and SiCepat will contribute and share logistics best practices as the last-mile delivery provider. Established in 2004, Sicepat provides customised shipping services based on the package size and delivery speed.
“With added support from SiCepat, we can accelerate the expansion efforts of our F&B merchant network and extend the service coverage of DigiResto,” DMK director Mohammad Anis Yunianto said. “We are buoyant about food delivery in Indonesia, which is expected grow at 11.5% CAGR in 2020-24 and reach an estimated market value of $3 billion by 2024. As our partnership progresses, we look to fully integrate SiCepat’s last-mile delivery capabilities.”
In April 2019, Sicepat had raised $50 million in its Series A round from Kejora Ventures and Barito Teknologi.
DMK’s parent company MCAS is a digital distribution business providing lifestyle platforms, developed to help Indonesians transform to a digital lifestyle. MCAS makes use of an integrated business model to maximise value through O2O (Online to Offline), app, and sustainable IoT platform .
It distributes digital products such as top-ups, multi-billers, travel bookings, e-tickets, and other digital vouchers, through four main channels: digital kiosks, wholesale networks, cashiers and app/chatbots.