Kargo Technologies Receives Funding of IDR 504 Billion
Startup engaged in the logistics marketplace, Kargo Technologies (Kargo), has just received funding of USD 31 million, or around Rp 504 billion, from Series A funding led by Silicon Valley’s Tenaya Capital.
The group of investors who also participated in the funding are Sequoia India and Southeast Asia, Intudo Ventures, Coca-cola Amatil, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment.
Kargo also received funding in the form of debt financing from several leading banks and regional financial institutions. Tiger Fang, CEO of Kargo, said he was very grateful for investors who continue to provide support in the midst of a period of financial uncertainty.
On Tuesday (4/14/2020), Tiger Fang as CEO of Kargo revealed that they will try to become the best reliable logistic partners, and ensure there are no disruptions in the supply chain of basic goods in Indonesia.
While Yodi Aditya, CTO of Kargo, claims Kargo Technologies has a unique selling value when logistical efficiency is very important in Indonesia.
“Starting from maintaining the number of retail stock needs with minimal physical contact or expediting e-commerce transactions throughout the country, we believe that Kargo is able to solve this problem,” he said.
To note, this funding arrived about a year after this startup received initial funding of USD 7.6 million (around 123 billion rupiah) led by Sequoia India and Southeast Asia.
Kargo Technologies Help Fight Covid-19
The funding round was closed as Kargo joined in the struggle against the Coronavirus pandemic (Covid-19) in Indonesia. This startup funded the Logistics Relief Fund movement by encouraging all employees to participate in contributing part of their salaries.
The Logistics Aid Fund will be used to assist logistic carriers and ensure that there are no interruptions in the delivery of basic goods in Indonesia.
Kargo also cooperates with several charitable organizations, such as KitaBisa, and PT Akar Indah Pratama as official logistic partners that play a role in the distribution of food and medical equipment for medical staff and patients in several hospitals in Jakarta (RSPAD Gatot Subroto and RSPI Sulianti Saroso ).
CEO of Kargo Technologies Donates His Salary to Handle Corona
Kargo Technologies CEO Tiger Fang contributed 100 percent of his total annual salary to be channeled into the Logistics Assistance Fund to help logistics partners during the coronavirus pandemic.
Based on the press statement quoted on Thursday (4/16/2020), the founders and the Kargo leadership team will also contribute their salaries to 75 percent. As a form of response in dealing with the coronavirus, there is a financial support program for driver-partners.
The startups in the logistics sector have dedicated IDR 16 billion through the Logistics Relief Fund program. This fund will support transporters on the Kargo platform to get access to capital assistance during the Corona pandemic.
Meanwhile, some funds will also be donated to support logistical operations in Indonesia such as the delivery of staple foods and medical needs to hospitals. Kargo is ready to help all organizations that need the help of logistical partners, especially in dealing with this crisis through https://kargo.tech/covid-response/.
This Startup Minimize Physical Contact
The company also took preventative measures to ensure that drivers were safe from Coronavirus transmission. One step taken is to ensure that all pit stops along the route have complete supplies and are properly sterilized.
“Kargo also implements the EPOD (Electronic Proof of Delivery) system in the delivery mechanism to minimize physical contact between users. The features that can be found in the Kargo platform also allow reducing the direct exchange of documents to reduce the risk of COVID-19 infection,” he said.
They also move to answer this call and will mobilize all their power to fight COVID-19 in Indonesia. The company is thankful for the attitude of investors who continue to provide extraordinary support amid a period of financial uncertainty.