Waresix Logistics Startup Received Funds of IDR 348.6 Billion
Startup in logistics, Waresix announced a total of Series A funding of US $ 25.5 million or around Rp 348.6 billion. This startup has also made a fortune. The funding round was obtained for six months. In July 2019, EV Growth provided fresh funds of US $ 14.5 million.
The start-up company also received an additional capital of US $ 11 million today. This additional investment was obtained from EV Growth and Jungle Ventures. Co-founder of East Ventures and Managing Partner EV Growth Willson Weather assess, Waresix is the winner in the first and middle-mile segments in the field of logistics.
“We focus on the rapid growth of the company and its success to end 2019 with profit. This is a small bonus for us as growth-stage investors, “he said in a press release on Tuesday (1/14).
The same thing was conveyed by Principal Jungle Ventures Yash Sankrityayan. He appreciated the performance of Waresix, whose monthly income grew more than 30 times in 2019.
“They also do it with the best class margins compared to similar companies in Southeast Asia. As a result, they posted positive EBITDA (earnings before interest, taxes, depreciation, and amortization), “Yash said.
Yash rate, Waresix understands the logistics market in Indonesia well. “We are very enthusiastic to continue to support them,” he said.
Waresix Has Expanded Its Business with Series A Funding
At present, Waresix has 30 thousand trucks and 300 warehouse operators in Indonesia. “These additional funds reinforce the confidence of key investors and help us strengthen market dominance while preparing for the Series B funding round in 2020,” said Waresix CEO Andree Susanto.
Waresix Co-Founder Edwin added, his company connects large and medium-sized corporations with small freight forwarding and trucking companies. In addition, Waresix offers planning, route selection, and scheduling.
That way, customers and suppliers get personalized guidance, practical insights, and innovative logistics solutions.
Waresix Chief Product Officer Michael Gani said the multimodal transportation system and the hub distribution warehousing paradigm are very important for developing the logistics sector. Therefore, the company focuses on combining smart-matching algorithms and strong operational performance.
Overall, this startup has raised US $ 27.1 million in capital over the past 18 months. The investment consists of seed funding and Series A. Series A funding is also obtained from EV Growth.
Funding Previously Used To Improve Distribution Efficiency in Indonesia
Andree explained, the company focused on increasing distribution efficiency in Indonesia. The trick is to utilize assets such as warehouses and eliminate the role of third parties who act as brokers in the logistics business. Hence, Waresix provides multi-mode services that include cargo handling, cold storage, land and sea transportation.
In this way, Andree is optimistic that he can maximize the utilization of the warehouse area and avoid truck operations with empty loads. “We’re utilizing our extensive warehouse network to attract demand and create network effects. It should be done to support our trucking ecosystem,” he said.
The geographical situation of Indonesia, which is an archipelago, is one of the challenges for logistical players. He was not surprised if the logistics costs almost reached a quarter of the Gross Domestic Product (GDP), which was valued at Rp 14,500 trillion.
“We will use this fresh fund to expand our reach to support digital transformation in Indonesia’s domestic cargo sector, which is valued at Rp 3,400 trillion,” he said. Co-founder Waresix Edwin added, his company would also invest further in the field of research and development (R&D) in order to improve the capabilities of data analysis.
“Our technology will combine analytical data into the logistics infrastructure, making it easier for business owners to supervise and fully control their products and maximize the utilization of our suppliers’ storage space,” he said.