Intudo leads US$4m investment in Indonesian shipping platform Andalin

INDONESIAN digital freight forwarder Andalin has raised US$4 million in financing led by Intudo Ventures, with participation from Cardig Group, BEENEXT, and a number of strategic investors.

Intudo is an Indonesian venture capital (VC) firm, focused on early-stage startups in South-east Asia's biggest digital economy. The VC is backed by Black Kite Capital, the family office of Singaporean investor Koh Boon Hwee.

With the fresh funds, Andalin plans to double down on the Indonesia market, including expanding market coverage in the East Indonesia region, it said in a statement on Tuesday (Feb 15).

The Indonesian freight and logistics market was valued at US$81.30 billion in 2020, and is expected to reach US$138.04 billion by 2026, according to market research firm Reportlinker.

Andalin also aims to launch a trading service platform that will allow manufacturers and distributors to trade with one another and expand its trade financing and cargo insurance offerings in 2022.

Founded in 2019, Andalin offers companies advanced logistics services, covering sea freight, air freight, project shipment, and customs clearance services.

Its clients can book and manage hundreds of shipments via a mobile applications. They save up to 15 to 20 per cent in cross-border shipping costs compared to their previous service providers, said Andalin.

From February 2021 to December 2021, the company said it saw a 690 per cent growth in monthly revenue and a 10.6 times increase in total number of containers shipped.

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