Intudo Ventures leads $4m round of ID logistics firm

Indonesia-based Andalin, a digital freight forwarding company, has raised US$4 million in new financing led by Intudo Ventures and with participaton from Cardig Group and Beenext, among others.

(From left) Andalin co-founders: CTO Ivhan Gunawan, CEO Rifki Pratomo, and COO Saut Tambunan / Photo credit: Andalin

Founded in October 2016, Andalin aims to simplify the import-export process in the logistics chain of businesses for cross border shipments between Indonesia and global destinations.

The startup works with manufacturers and distributors, including SMEs as well as international and Indonesian brands, to offer logistics services. It currently covers sea freight, air freight, project shipment, and customs clearance services.

The company was founded by former Shell executive Saut Tambunan, former Sqiva System developer Ivhan Famly Gunawan, and Rifki Pratomo – a former strategic planning manager at Sea Group’s Garena.

In Indonesia, international shipments have been operating on mostly manual processes and deal with a fragmented landscape of providers, resulting in slow, inefficient, and expensive cross-border shipping services. The company is set to capitalize on the country’s logistics market, which is poised to hit roughly US$138 billion by 2026.

From February to December 2021, Andalin said its monthly revenue surged 690%, paired with a 10.6x increase in the total number of containers shipped.

See also: Indonesia’s ecommerce logistics giants brace for a price war

Andalin will use the latest investment to expand its market coverage in the East Indonesia region, bringing its headcount from 100 team members to 150 to 200 across all functions.

In 2022, the company will expand its trade financing and cargo insurance offerings and plans to launch a trading service platform that will allow manufacturers and distributors to trade with each other. Andalin’s trading service platform will integrate with its logistics, financing, and insurance services to create an end-to-end solution for international trade.