Sicepat Ekspres, an Indonesia-based last-mile logistics service backed by e-commerce firm Tokopedia, has received $50m in series B funding from an investment entity called Praus Company, Tech in Asia has reported.
Praus acquired an 8.3% stake, valuing Sicepat at approximately $736m, according to DealStreetAsia, which cited regulatory filings accessed by market research provider VentureCap Insights.
Founded in 2014, Sicepat runs a mobile app that provides shipping services throughout Indonesia with flexible terms of delivery. Its clients include Tokopedia and fellow e-commerce platforms such as Shopee, Bukalapak and Lazada.
The company initially raised $3.5m of seed funding from Kejora Ventures in 2017 before closing a $50m series A round the following year featuring petrochemical producer Barito Pacific’s corporate venturing unit, Barito Teknologi, in addition to Kejora InterVest Growth Fund and Tokopedia.