Indonesian logistics startup Waresix raises $100m from SoftBank Ventures Asia, others

Indonesian logistics startup Waresix announced on Thursday it had closed a $100 million fundraising round from investors including SoftBank Ventures Asia and Indonesian conglomerate Emtek (Elang Mahkota Teknologi).

The two-year-old firm offers trucking, warehousing and logistics technology services to companies trying to navigate Southeast Asia’s largest economy, whose 17,000 islands are sprinkled across an area bigger than the European Union.

The World Bank estimates logistical costs swallow up around a quarter of Indonesia’s gross domestic product.

Waresix, whose clients include Unilever and Indofood, said it has been profitable on a net income basis since June 2019 and that its growth had continued during the coronavirus outbreak, despite lockdowns.

The firm noted it was deploying its network of over 40,000 trucks to support the distribution of essential goods during the pandemic, which has battered Indonesia.

The series B round also included Temasek subsidiary Pavilion Capital and long-term backer EV Growth, a joint fund between Yahoo! Japan, conglomerate Sinar Mas, and venture firm East Ventures.

Reuters

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.