Waresix Reportedly Received Additional Series B Funding of 718 Billion Rupiah

Logistics startup Waresix reportedly received additional funding for the series B round. A number of investors included Tiger Global, Temasek, and East Ventures. According to data that has been submitted to the regulator, the range of funds obtained reached $50 million or the equivalent of 718,4 billion Rupiah.

This achievement catapulted the company's valuation at $420 million, bringing Waresix as one of the most valuable logistics technology platform providers in Indonesia. Previously they booked $100 million series B funding from a number of investors, including East Ventures, Jungle Ventures, SoftBank Ventures Asia, EMTEK, Pavilion Capital, and Redbadge Pacific. Less than a year later, MDI Ventures also entered the series B funding.

Currently, Waresix provides logistics technology for two main solutions, namely related to transportation management and warehouse. In the transportation sector, they developed a Transportation Management System platform, making it easier for businesses to manage delivery assignments, monitoring real-time, driver administration, to reporting.

Meanwhile for a solution warehouse, they enable businesses to find warehouse services -- and enable warehouse owners to sell the space they own efficiently. In 2020, Waresix has a fleet of 30 thousand trucks connected to the platform and 300 warehouse operators in various cities.

Business expansion is also planned, one of which is to enter logistics services first mile and mid-mile which has not been accommodated. Last year 2020, Waresix acquires Trukita known as a portal marketplace to help users find offers of goods transport services and trucks for delivery.

The hope is that through this company's actions, Waresix will accommodate all aspects of the supply chain through a technological approach, including truck management, warehousing, multi-modal transportation and vendor management.

Services like those provided by Waresix are becoming relevant in Indonesia. The condition of being an archipelagic country makes logistics costs one of the highest in Asia, even contributing to a quarter of Indonesia's gross domestic product, which reaches $1 trillion.

Indonesia's position in the 2018 Logistics Competitiveness Index released by the World Bank continues to improve. However, Indonesia's logistics cost to GDP ratio still reaches 24%, lagging behind Thailand and Malaysia. This condition creates a potential worth $240 billion in the logistics sector in Indonesia. High logistics costs not only weaken industrial competitiveness, but also increase it cost of doing business for SMEs in Indonesia.

With various unique solutions, many local startups are trying them fortune in the world of logistics. Some of their business models are well validated and have investor support, including: