Indonesian logistics startup raised one of Southeast Asia’s largest series A rounds at $50m

Indonesia-based logistics startup Sicepat Ekspres announced today that it has raised US$50 million last year. The startup says it’s one of the largest recorded series A rounds ever in Southeast Asia, a claim that appears to be backed up by Tech in Asia’s database of startup funding.

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The investment is made by and Kejora InterVest Growth Fund. Barito Teknologi is the tech investment arm of Indonesian conglomerate Barito Pacific Group. Kejora InterVest is a joint venture between Southeast Asian VC firm Kejora Ventures and Korean VC firm InterVest.

This is the first direct investment by Barito Pacific Group in a tech startup. Barito Teknologi is a limited partner in Kejora Ventures.

Founded by Hartono Franscesco, Sicepat is an ecommerce-focused logistics firm. It raised a seed round from Kejora Ventures in 2017 and currently delivers 200,000 packages a day across Indonesia. It has around 5,000 employees in the country.

Sicepat competes with JNE, J&T Express, Lion Parcel, Ninja Van, Lazada Express, and Go-Jek’s Go-Send and Go-Box.

Given the size of the competition and the capital intensive nature of the logistics business, Sicepat’s sizable funding round is a necessity.