Waresix Reportedly Cuts Employees in Product and Development Division

Logistics startup Waresix has reportedly laid off a number of its employees in the data and technical division. According to sources, as reported by TechinAsia, the layoffs were announced on February 16, 2024, carried out to streamline the department product and engineering. It is not known how many employees are affected layoffs.

In an email sent to its staff, Waresix stated that, "The board considered and made this difficult decision with the utmost care."

Meanwhile, Waresix will fulfill its obligations according to the rights and benefits of affected employees.

It is known that Waresix was actively recruiting new employees and ensuring that there were no mass layoffs amidst the threat of a global recession in 2023. This is because the domestic logistics industry at that time was projected to continue to grow. BPS data records logistics as the sector contributing the highest national economic growth in the second quarter of 2023 with 15,28%.

"We continue to recruit to fill the positions needed in this period of business growth," said the President of Waresix Eric Dharma in his official statement last year.

For information, Waresix was founded by Andree Susanto and Edwin Wibowo in 2017. The company develops integrated logistics solutions starting from land transportation, warehousing, to delivery throughout the island with a light asset-based business model, aka having no truck/warehouse assets.

Waresix was last known to receive series B+ pendanaan funding of $50 million (around Rp. 780 billion) from Tiger Global, Temasek, and East Ventures. Several other investors who also support Waresix include EMTEK, Jungle Ventures, and Softbank.

From all rounds, citing data submitted to regulators, it is estimated that Waresix has raised equity funding worth $157,2 million at a valuation post-money $420 million.

Waresix is ​​also one of the investors in agribusiness supply chain startups Gokomodo in September 2022.

Citing information on its official website, Waresix is ​​recorded as having served more than 1.500 clients enterprise, manages more than 150 thousand square meters, transporting 20 million metric tons of cargo with the support of a fleet of 50.000 trucks.

In Indonesia there are a number of startups that also operate in the same industrial sector, including Logisly, TransTRACK, LODI, Kargo Tech and several others.