Indonesian startup SiCepat Ekspres, an e-commerce logistics provider, has raised $170 million in a series B round last week, as the company aims to expands its logistics capabilities in a bid to expand to other markets in Southeast Asia.
Founded in 2014 to provide last-mile delivery for small merchants, the company has since extended its services to large e-commerce platforms, which now cover warehousing and fulfilment, middle-mile logistics and online distribution.
In a statement, The Kim Hai, founder and chief executive of SiCepat’s parent company Onstar Express, said the funding will be used to “further fortify SiCepat’s position as the leading end-to-end logistics service provider in the Indonesian market and potentially to explore expansion to other markets in Southeast Asia.”
Investors in the series B round include Falcon House Partners, Kejora Capital, DEG (the German Development Finance Institution), Asia Based Insurer, MDI Ventures (by Telkom Indonesia), Indies Capital, Pavilion Capital (Temasek Holdings Subsidiary), Tri Hill and Daiwa Securities.
The startup says it was able to make profit last year fulfilling more than 1.4 million packages per day and will make further investments in expanding its logistics services and infrastructure.