Waresix Receives Series A Investment Worth 205 Billion Rupiah from EV Growth

The competition map for e-logistics startups in Indonesia is getting hotter. Today (5/7), Waresix announced the acquisition of a Rp205 billion rupiah ($14,5 million) Series A investment led by EV Growth. SMDV and Jungle Ventures participated.

This funding will be fully used to develop ground transportation services, strengthen warehouse networks to tier two cities, build R&D to improve the company's data analysis capabilities, and recruit more team members.

"Currently, Indonesia is experiencing rapid growth in terms of infrastructure thanks to government policies. This rapid growth will also help expand the reach of Waresix services," explained Waresix Co-Founder and CEO Andree Susanto in an official statement.

The funding that Waresix received was only eight months away from the funding Pre Series A obtained in October 2018 amounted to Rp23 billion. Time range from early stage funding also quite short, Waresix announced it in February 2018.

Indonesia is one of the countries with the highest logistics costs in Asia. In the 2018 Logistics Performance Index, the World Bank found that the ratio between logistics costs and GDP was still high at 24%.

In fact, the contribution of this sector is almost a quarter of Indonesia's GDP which is worth Rp. 14.500 trillion. There are still many logistics and innovation issues that exist not considered a solution, making this sector more attractive for startup players to work on.

Managing Partner of East Ventures Willson Cuaca added, "In short, the more efficient our logistics are, the more competitive our products will be. This is just one of many simple examples of how logistics affects the Indonesian economy. But there are still many things that need to be improved."

Waresix focuses on bringing technology that connects business owners or those who want to ship goods with warehouses and trucks available throughout Indonesia. The spirit carried is to increase distribution efficiency by increasing the use of assets and eliminating the role of third parties as brokers.

The company provides multi-modal services that include land and sea transportation, cargo handling, cold storage to meet cargo movements between islands in Indonesia.

Waresix Co-Founder and CFO Edwin added, Waresix incorporates analytical data into the logistics infrastructure, making it easier for business owners to monitor and fully control their products. And, maximizing the utilization of supplier's storage space.

"That way, Waresix can ensure the availability of fast and reliable transportation, while keeping the supply chain price low and predictable," said Edwin.

It is said that Waresix has now reached more than 20 trucks and 200 warehouses since it officially started operating in 2017.

The day before, truck management startup players Ritase also announced a Series A funding of $8,5 million led by Golden Gate Ventures.