Chinese New Year marks the closing for the SiCepat Series B Financing Round totaling 170 Million USD, which makes this round the largest Series B in Southeast Asia. Participants of this round are Falcon house Partners, Kejora Capital, DEG (the German Development Finance Institution), Asia-based Insurer, MDI Ventures (by Telkom Indonesia), Indies Capital, Pavilion Capital (Temasek Holdings subsidiary), Tri Hill and Daiwa Securities.
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Southeast Asia digital economy especially e-commerce and social commerce industry are accelerated during the pandemic, which increase the demand of logistic services with better service quality. “This financing round is designed to further fortify SiCepat’s position as the leading end-to-end logistics service provider in the Indonesian market and potentially to explore expansion to other markets in Southeast Asia. We are even more prepared to support and empower millions of SMEs and local businesses not only to survive, but to thrive during these challenging times.” said The Kim Hai, Founder and CEO of the parent company Onstar Express.
The profitable company aims to further invest into its logistics services and infrastructure. It currently provides Last-mile, Warehousing & Fulfillment, Commerce-Enabling Services, Online Distribution and Middle-Mile Logistics. With this unique set-up, Sicepat is considered one of the few players in the Indonesian logistics market that provides end-to-end logistics services for the new age economy serving e-commerce and social commerce. Sebastian Togelang, Managing Partner of Kejora Capital and Director of the company strongly believes that these market segments create favorable growth opportunities. He adds, “Indonesian e-commerce market stood at US$32 billion in 2020 with a projected 5-year CAGR of 21% to become US$82 billion industry by 2025. We believe that SiCepat is ideally positioned to serve customers from e-commerce giants to uprising social commerce players which contribute an estimated 25% to the total digital commerce economy.”
SiCepat was bootstrapped in 2014 as a last-mile delivery services company for social commerce merchants in Indonesia. Since then, it has expanded its last-mile delivery to cater some of the largest e-commerce platforms in Indonesia. Recently, the company has undergone consolidation of its key logistics assets across warehousing, fulfillment and e-Distribution to provide a comprehensive suite of logistics services to the market.
The company has been profitable and able to fulfill more than 1.4 Million packages per day in 2020. After only a few years of operation in this market, it has already positioned itself as one of the leading players among the last mile delivery service providers with timely delivery and high customer satisfaction. SiCepat is expected to continue to build upon its robust infrastructure and enhanced customer experience to serve more entrepreneurs and tap into neighboring countries.
SOURCE KEJORA VENTURES
