J&T Express Responds to the News of Becoming Indonesia’s New Unicorn
Based on the CB Insights report entitled The Complete List of Unicorn Companies, J&T Express is included in the unicorn list. However, the CEO of J&T Express Indonesia Robin Lo does not know this status.
“We haven’t updated it, because usually, the assessment is from outside parties such as venture capital and others,” said Robin, Tuesday (13/4). Even so, he was very happy with the news. “This shows that many parties assess our performance well,” he said.
He hopes that J&T can immediately have decacorn status or have a minimum valuation of US$ 10 billion. Based on CB Insights data, the logistics company has valued the company at US$ 7.8 billion.
The valuation beat Tokopedia (US$ 7 billion), Bukalapak (US$ 3.5 billion), Traveloka (US$ 3 billion), and OVO (US$ 2.9 billion). So far, only Gojek has a decacorn status in Indonesia. Previously, the source of The Information reported that J&T Express received funding of more than US$ 2 billion last week (5/4).
Participating investors were PE China Hillhouse Capital, Boyu Capital, and Sequoia Capital China. J&T Express is a freight logistics company founded by Jet Lee and Tony Chen in 2015. Some of its shareholders are Formation Group, Sequoia Capital India, and Warburg Pincus.
Previously, Alpha JWC Ventures and Kearney estimated that Indonesia would have three new unicorns in the next five years. The three of them will come from the e-commerce sector, financial technology (fintech), and the digitization of Micro, Small and Medium Enterprises (MSMEs).
This estimate refers to a research entitled ‘Unlocking Next Wave of Digital Growth: Beyond Metropolitan Indonesia’. This is based on a survey of over 2,100 end consumers and 1,100 retailers in 23 cities. In addition, interviews with stakeholders in 13 cities at tier two and three.
J&T Express Has New Services, Packages up to Less than 2 Days
J&T Express launched a new service, namely J&T Super or convenient delivery that arrives on the same day for less than 2 days. J&T Express CEO Robin Lo explained with various extra services on this service, complementing the regular service differentiation that already exists at J&T Express.
According to him, currently, the demand for fast delivery is increasingly sought after by the community, especially in densely populated areas. Inevitably, service innovation needs to be developed by prioritizing a faster and more precise Service Level Agreement (SLA) guarantee, so that it can fulfill delivery requests with the urgency of customer needs.
“Currently J&T Super is available to reach the Jakarta, Tangerang, Bekasi, Depok and Bogor areas. We hope that this service can gradually serve all parts of Indonesia,” he said, Friday (9/4/2021).
J&T Super services provide package protection or warranty without additional fees, claim processing services within 1×24 hours, up to 100 percent refund of shipping costs with T&C that apply if the package doesn’t arrive according to the shipment’s SLA.
Usable From April 2021
So far J&T Super can be used through non-marketplace shipping transactions and can be sent via drop-off and pick-up only with a maximum weight of up to 3 kg.
This service can be used starting April 1, 2021, as for the SLA of the J&T Super service, which is a delivery service to the same city destination under 10.00 a.m, it will arrive on the same day before 09.00 p.m.
However, if the delivery id done above 10.00 a.m, the package will arrive the next day before 12.00 p.m. “With this time adjustment, J&T Express provides premium services with priority of easy and fast delivery,” he added.
Previously at the end of last year, the company also added J&T ECO services which were specifically for shipping at economical prices, as well as the type of J&T Jemari (Mandiri package pick up) independent package reception service, which is convenient for customers who want to pick up packages via the drop point that consumers want.