Local tech startup Luwjistik acquired by Australian logistics platform Shippit for A$18m
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Michelle Zhu
SINGAPOREAN technology startup Luwjistik has been acquired by Shippit, an Australian e-commerce logistics platform in a deal valued at about A$18 million (S$16.4 million).
As a result of the acquisition, Shippit’s co-founder and co-chief executive William On will relocate to Singapore to head a team of 50 including localised research and development and back-office teams, said the Australian company in a press statement on Tuesday (Oct 11).
Founded in July 2021, Luwjistik is the creator of a unified API (application programming interface) that allows freight forwarders, couriers and third-party logistics companies to connect with network partners globally.
The company has agreements with over 100 network partners across 18 countries, with a focus on South-east Asia.
It counts carriers such as Ninja Van, J&T Express, and JNE Express as network partners on its platform, and provides solutions for logistics players in the region such as POS Malaysia, Lion Parcel and Gushcloud’s social commerce arm, Summer International.
“This is a hugely significant moment for Luwjistik, a company which is barely a year old, to be recognised for its vision and efforts in elevating the logistics and retail sectors in South-east Asia. We started Luwjistik because we saw technology as the solution to many of the industry’s longer-term challenges,” said Syed Ali Ridha Madihid, co-founder and chief executive at Luwjistik.
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“Together with Shippit, we will be able to offer the full spectrum of products and solutions to all clients; from domestic to cross-border, and from end-to-end to modular services… As a group, we’re now able to offer a one-stop platform for not only enterprises but the growing SMEs segments - especially in Indonesia, Malaysia, Philippines and Thailand,” he added.
By leveraging Luwjistik’s technology, local relationships and expertise, Shippit said it intends to double-down on its growth in the region, including in its enterprise customers.
The acquisition comes after Shippit in May completed an A$65 million Series B2 capital raise, which it intended to use to grow the company with a particular focus on the South-East Asian market.
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