Indonesia's SiCepat valued at US$744 million after latest Series B round

INDONESIAN logistics startup SiCepat, which specialises in last-mile delivery, said it has raised US$170 million from investors in the largest Series B round in South-east Asia. This values the business at about US$744 million, according to data intelligence platform VentureCap Insights.

The round was backed by investors including Falcon House Partners, Kejora Capital, Temasek's Pavilion Capital, MDI Ventures, German Development Finance Institution DEG, Indies Capital, Tri Hill and Daiwa Securities.

SiCepat provides last-mile deliveries for social commerce merchants in Indonesia. The company has since expanded to serve larger e-commerce platforms, and also provides services such as warehousing and fulfilment, middle-mile logistics and online distribution, it said.

It now plans to further invest in its logistics services and infrastructure, to strengthen its presence in Indonesia.

The Kim Hai, founder and chief executive of SiCepat's parent company Onstar Express, said the funding will be used 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". SiCepat says it is already profitable and that it was able to fulfill more than 1.4 million packages per day in 2020.

Sebastian Togelang, managing partner of Kejora Capital and director of the company, noted that market segments - such as e-commerce and social commerce - can create favourable growth opportunities. He said: "We believe that SiCepat is ideally positioned to serve customers, from e-commerce giants to uprising social commerce players, who contribute an estimated 25 per cent to the total digital commerce economy."