Indonesian logistics company to raise $31m from World Bank’s IFC

International Finance Corporation, an investment firm under the World Bank, announced that it will inject 451 billion rupiah (around US$31 million) in Adi Sarana Armada (ASSA), a publicly listed Indonesian transportation firm.

The investment was made through a two-year subscription of zero-coupon, listed convertible bonds issued via a rights offering by ASSA under the supervision of Indonesia’s Financial Service Authority.

Anteraja’s couriers / Photo credit: Anteraja

Founded in 1999 as a car rental company, ASSA has expanded its services by creating an ecommerce-focused logistics service called Anteraja, as well as car rental apps for individuals (ShareCar) and businesses (ShareFleet).

ASSA will use the fresh funds to grow its main car rental business and scale Anteraja’s service across Indonesia. The firm’s logistics service, which is affiliated with Indonesian ecommerce giant Tokopedia and Chinese logistics company SF Express, employs over 15,000 couriers and can deliver over 700,000 packages every day.

Southeast Asian logistics companies have continued to raise funds this year. The total value of funding deals in the region more than tripled between 2019 and 2020 despite the Covid-19 pandemic. Indonesia’s J&T Express reportedly raised more than US$2 billion earlier this year, while Hong Kong-based Lalamove is reportedly close to sealing a US$1.5 billion investment.

See also: The key ecommerce logistics players and enablers in Southeast Asia