Indonesian fleet management startup TransTrack targets Middle East expansion
It currently has over 1,200 clients across Indonesia, Malaysia and Singapore
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[JAKARTA] Already ranked among the three largest fleet management providers in South-east Asia, TransTrack is now positioning itself for global growth, targeting the broader Asian region – specifically the Middle East, said its founder.
In an exclusive interview with The Business Times, its founder Anggia Meisesari remarked: “The Gulf region offers very interesting prospects for us because all the big oil and gas companies are located there.”
With more than 1,200 clients across Indonesia, Malaysia and Singapore, the company is targeting the maritime sector in the Middle East, offering bunker and fuel-monitoring systems.
Anggia noted that she prefers to describe the company as a tech enabler rather than an e-logistics firm, as it provides specialised solutions for transportation companies and fleet operators.
“I started this company in 2015 thinking that I would operate only in Indonesia,” she noted. “But after we received funding in our Series A round, I expanded our operations to Malaysia and established our headquarters in Singapore.”
Anggia is clear-eyed about the challenges facing TransTrack’s next expansion. In a crowded market alongside competitors such as Jimi IoT and Cartrack, the goal is to scale the customer base without sacrificing profitability.
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“The key to our success and growth plan is our product and how we can maintain our price,” she explained. “We must continue to offer value and not get caught in a price war.”
With total revenues of close to US$50 million in 2025 and clients in Indonesia, Malaysia, Singapore and Australia, the tech startup is planning to raise a Series B round sometime in the next six months, said TransTrack group chief financial officer, Lim Boon Wei, who is Singaporean.
The funds will be used for its expansion goals as well as to broaden its client solutions, noted Lim, adding that the company was still at the exploratory stage of the fundraising plan.
TransTrack raised US$12 million in a Series A round in 2024. The funding was co-led by Eurazeo and Singapore venture capital firm Cocoon Capital, with participation from IFP Securities, Bintang Delapan and AppWorks.
According to Lim, TransTrack, which achieved a gross profit margin of 73 per cent in 2025, is shooting for a gross profit margin of 74 per cent in 2026. Its net profit margin stood at 20 per cent.
Looking for tech talent
The startup is facing increasing difficulty attracting the local tech talent necessary to sustain its growth. While the company continues to collaborate with Indonesian institutions such as Telkom University, Bandung Techno Park and the Sepuluh Nopember Institute of Technology, it is now casting a wider net to bridge the talent gap.
To this end, the company is leveraging its Singapore links. TransTrack has engaged the Singapore Economic Development Board and Nanyang Technological University to build its technical team, and is also looking to tap the city-state’s deep financial sector.
“We are looking for talent in robotics, IoT (Internet of Things) and AI (artificial intelligence) to build both hardware and software,” Lim noted. “Currently we have a tech team of 154 employees across our operations and we are planning to build a team of engineers in Singapore.”
TransTrack’s platform allows clients to reduce costs and improve operational efficiency – a critical requirement as regional companies face rising consumer demand and digital competition.
This shift towards structural efficiency has created a significant market. According to a 2024 Research and Markets report, the annual market for these tech services across South-east Asia, Australia and the Middle East is US$5 billion. The same report ranks Jimi IoT, Cartrack and TransTrack as the largest fleet management providers in South-east Asia.
TransTrack currently holds less than 5 per cent of the regional tech services market, said Lim, who previously worked at Xendit, ShopBack Singapore and Grab. The company aims to reach 8 to 10 per cent by 2028, targeting annual revenues of between US$200 million and US$250 million.
One of Lim’s key mandates is to prepare TransTrack for an initial public offering within the next decade.
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