million to the series C fundraising round of Indonesia-based logistics firm Paxel.
The investors are various subsidiaries and venture arms of state-owned telecom Telkom, top private bank BCA, and local conglomerate Astra Internasional.
Paxel, a late 2017 startup, offers logistical services such as same-day local and intercity deliveries, a smart locker service called PaxelBox, a platform for local snacks called PaxelMarket, a bulk delivery service called PaxelBig, and a trash management service called PaxelRecycle.
According to the business, it has already serviced 2 million customers and delivered 17 million products. Additionally, it has collaborated with more than 2,000 SMEs across the nation.
Paxel said in a statement that over the previous four years, both company income and user base had grown by around three times annually. The business reported positive gross margins for the third quarter of 2020.
The firm intends to use the additional cash to broaden its geographic footprint beyond Java Island and strengthen its cold chain capabilities. It also stated that having large organizations with expansive ecosystems like Astra, BCA, and Telkom will aid the company in creating solutions for SMEs.
Zaldy Ilham Masita, a former executive of the neighbourhood logistics company JNE, and Bryant Christanto, a former vice president of Credit Suisse’s local branch, founded Paxel. It secured $9.4 million in a series B investment headed by MDIVentures late last year.
