03.11.2020, 08:16

Indonesian logistics startup Logisly bags $6m in round led by Monk’s Hill Ventures

Logisly , an Indonesia-based business-to-business logistics platform, today announced that it has secured US$6 million in a series A round led by Monk’s Hill Ventures.

Indonesian logistics startup Logisly bags $6m in round led by Monk’s Hill Ventures

(From left) Logisly co-founders Robbi Baskoro and Roolin Njotosetiadi /Photo credit: Logisly

The startup connects shippers with trucking companies from a network of corporate carriers.

It utilizes an algorithm to aggregate supply and demand for trucking and provides shippers with trucks powered by real-time tracking and digital PODs (proof of delivery). Meanwhile, it offers truck providers a facility to utilize vacant trucks and receive payment.

The company, founded in 2019 aims to serve as a single point of contact for orders, payment, and tech support for shippers and truck providers.

With the new funds, Logisly will scale its operations in Indonesia by growing its sales and vendor acquisition teams in the archipelago.

With a network of more than 40000 trucks, the company said it currently serves over 300 corporate shippers from sectors like consumer goods, chemicals, construction, and ecommerce. This includes multinational consumer goods company Unilever, Chinese ecommerce giant JD.com’s subsidiary JD.ID, ride-hailing giant Grab, and Denmark-based shipping company Maersk, among others.

The company’s CEO and co-founder, Roolin Njotosetiadi, sees several challenges that need to be tackled in the logistics industry, namely “fragmented ecosystem players, high logistics costs, manual processes, and unreliable drivers and transporters.”

Meanwhile, the Indonesian logistics market is expected to reach
US$300.3 billion
in revenue by the year 2024 growing from US$220.9 billion in 2020 at a compound annual growth rate of 7.9%, according to a report by Ken Research.

Last year, Logisly received an undisclosed amount of funding in a
seed round
led by SeedPlus, Indonesia’s Convergence Ventures, and Japan’s Genesia Ventures.

It is up against local rivals in the space such as Kargo Technologies, which just raised
US$31 million
in a series A round led by Silicon Valley’s Tenaya Capital in April, as well as Waresix, which closed its series B funding round in September, raising about
US$100 million
over the last year.