Deals - Asia

Softbank Ventures-backed Indonesian logistics startup Waresix raises $100 million

SINGAPORE (Reuters) - Indonesian logistics startup Waresix announced on Thursday it had closed a $100 million fundraising round from investors including Softbank Ventures Asia and Indonesian conglomerate Emtek (Elang Mahkota Teknologi).

The two-year-old firm offers trucking, warehousing and logistics technology services to companies trying to navigate Southeast Asia’s largest economy, whose 17,000 islands are sprinkled across an area bigger than the European Union.

The World Bank estimates logistical costs swallow up around a quarter of Indonesia’s gross domestic product.

Waresix, whose clients include Unilever and Indofood, said it has been profitable on a net income basis since June 2019 and that its growth had continued during the coronavirus outbreak, despite lockdowns.

The firm noted it was deploying its network of over 40,000 trucks to support the distribution of essential goods during the pandemic, which has battered Indonesia.

The series B round also included Temasek subsidiary Pavilion Capital and long-term backer EV Growth, a joint fund between Yahoo!Japan, conglomerate Sinar Mas, and venture firm East Ventures.

Reporting by Fanny Potkin; Editing by Lincoln Feast