Indonesia-headquartered last-mile delivery service SiCepat Ekspres closed a $170m series B round yesterday featuring MDI Ventures, the corporate venturing unit of telecommunications firm Telkom Indonesia.
Brokerage Daiwa Securities and DEG, a subsidiary of German government-owned development bank KfW Group, also took part, as did Falcon House Partners, Indies Capital, Kejora Capital, Pavilion Capital, Tri Hill and an unnamed Asia-based insurer.
An investment entity dubbed Praus Company had provided $50m in series B funding for the company in December 2020 in return for an 8.3% stake in SiCepat, a deal valuing it at approximately $736m.
SiCepat was founded in 2014 and operates a shipping app for Indonesia-based merchants on e-commerce platforms including Bukalapak, Lazada, Shopee and Tokopedia, with a delivery time ranging from 15 hours to a day depending on the region.
The Kim Hai, founder and CEO of the company’s parent firm Onstar Express, said: “This financing round is designed 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.”
Barito Teknologi, a vehicle for petrochemical group Barito Pacific, joined Kejora InterVest Growth Fund, which is run by venture capital firms Kejora Ventures and InterVest, in SiCepat’s $50m series A round in 2018.
Tokopedia was later identified as a participant in the series A round, which followed $3.5m in seed funding from Kejora Ventures the year before.
