Indonesian shipping firm SiCepat raises $50m in series B funding

Indonesian logistics firm SiCepat Ekspres raised US$50 million in a series B funding round from Praus Company.

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The new financing round gives the Indonesian company a post-money valuation of US$736 million, according to Accounting and Corporate Regulatory Authority filings gathered by VentureCap Insights.

Data from the filings showed that Praus Company bought 129,529 shares for an 8.3% stake in Sicepat as part of the funding round.

Established in 2004, SiCepat provides customized shipping services priced based on the package size and delivery speed. Users can also subscribe to a specific plan on its mobile app.

The Indonesian shipping firm has partnered with prominent names such as Tokopedia, Shopee, Bukalapak, Lazada, and Zilingo Shopping for its delivery services.

It has raised about US$89 million to date, led by its largest shareholder Sky Trek Holdings, which holds a 32.1% share in the company. In April last year, SiCepat raised US$50 million in its series A round.

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Indonesia’s logistics market is expected to hit the US$240 billion mark by 2021, according to Ken Research. Sicepat competes with JNE, J&T Express, Lion Parcel, and Ninja Van, among others, in this vertical.

Another competitor is Waresix, which recently announced its acquisition of Trukita, a local logistics player offering freight and trucking services in the first-mile space.

Correction (December 23, 11:00 p.m.) : The article previously stated that the company raised funds in a series C funding round, while Sicepat actually raised funds as part of its series B financing.