Indonesia’s supply chain growth platform Baskit raises $4.4 M Series A funding
Baskit, an Indonesian technology and financial services platform that aims to digitize offline distribution networks in Southeast Asia, has raised $4.4 million in a Series A funding round.
Baskit said in a statement on Wednesday that Kaya Founders, Analog Ventures, and Orvel Ventures participated in the round, which was led by Cento Ventures. This brings Baskit’s total equity funding to $9.9 million, following earlier pre-seed and seed funding rounds in early 2023. HSBC Innovation Banking also provided the business with a $3 million revolving credit facility.
With the additional funding, Baskit will be able to expand throughout Indonesia and enter the Philippines, which will be its first market outside of Indonesia.
Despite the growth of e-commerce, Baskit operates in a region where over 90% of trade still occurs through offline channels. In addition to providing visibility into inventory and performance, the company offers tools to assist brands in managing distribution networks, such as coordinating distributors, wholesalers, and retailers.
Since going on sale, Baskit has collaborated with over 60 brands and hundreds of Indonesian distributors and wholesalers. General trade and contemporary retail channels, including stores like Alfamart, Circle K, and Boots, are part of its network.
Including financial services into its platform is a key component of Baskit’s business strategy. The company helps distributors finance inventory and increase liquidity by offering embedded credit and payment solutions. It works with payment networks like Visa and financial institutions like HSBC.
According to investors, the company’s strategy focuses on resolving the challenges of offline distribution in fragmented markets, which they see as a basis for future advancements in data-driven tools and financial services.
As it continues to build its distribution and financial services platform, Baskit intends to use the new funding to bolster its position in Indonesia and expand regionally, beginning with the Philippines.
