Indonesia’s SiCepat in talks with GIC for funding, eyes IPO in Q3 2022

Photo: SiCepat Ekspres's LinkedIn page

Indonesia’s last-mile delivery startup SiCepat Ekspres is in talks with investors, including Singapore sovereign wealth fund GIC, to raise over $150 million ahead of its public market debut this year, sources privy to the development told DealStreetAsia.

The proposed investment could turn SiCepat into a unicorn, pegging its valuation at over $1 billion.

According to DealStreetAsia DATA VANTAGE, SiCepat’s current valuation stands at $786 million.

When contacted, Wiwin Dewi Herawati, CMO at SiCepat Ekspres, confirmed that the company is looking to list on the Indonesia Stock Exchange in the third quarter of this year and that it is in the process of finalising its pre-IPO round.

“We’re planning to launch the IPO in the third quarter of 2022….we are also talking to raise capital in our pre-IPO round,” said Herawati, without divulging the names of the investors who could join the company’s cap table.

GIC declined to comment on the development.

According to sources in the know, GIC is expected to lead the round with the participation of other investors and the transaction could close over the next three months.

Bootstrapped in 2014, SiCepat began as a last-mile delivery services company for social commerce merchants in Indonesia. Since then, it has expanded its last-mile delivery to cater to some of the largest e-commerce platforms in the country.

The company last raised $170 million in its Series B round in March 2021, led by Falcon House Partners, Pavilion Capital and MDI Ventures.

Others who joined the round then were German development financial institution DEG, Trihill Capital and Daiwa Securities, besides its existing backers Kejora Capital and Indies Capital.

Prior to that, SiCepat raised $50 million in its Series A round in 2019 from Kejora-InterVest Star Growth Fund.

Kejora Ventures was also SiCepat’s seed investor – it had injected $3.5 million into the company in 2017.

In 2021, SiCepat undertook the consolidation process of its key logistics assets across warehousing, fulfillment and e-distribution to provide a comprehensive suite of logistics services to the market.

At the start of last year, SiCepat also forayed into the business of food delivery after acquiring 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.

In the logistics space, SiCepat’s services now include last-mile, warehousing and fulfillment, commerce-enabling services, and online distribution, among others, which pits it against numerous players in the market.

While it battles with J&T Express and JNE in the last-mile segment, it counts Waresix and Kargo Technologies as its competitors in the middle-mile and warehousing space.

The startup ecosystem in Indonesia is bustling with activity with quite a few businesses waiting in the fray to attain unicorn status.

Late last month, grab-and-go coffee chain Kopi Kenangan attained a $1 billion valuation after securing $96.12 million in its Series C round. The company is currently understood to be carving out its IPO route as it looks at expanding its operation.

We had recently reported that Indonesia’s Social Bella, known for its e-commerce brand Sociolla, was in talks to raise up to $150 million in a funding round that could value the omnichannel retailer of beauty products at over $1 billion.

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.