SiCepat raises US$170M Series B funding

Indonesia: SiCepat Ekspres, an Indonesian last-mile delivery company, has received US$170 million in a Series B funding round from a slew of investors including Temasek subsidiary Pavilion Capital, Falcon House Partners and MDI Ventures. DEG (the German Development Finance Institution), Indies Capital, Tri Hill and Daiwa Securities also participated.

“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 to potentially explore expansion to other markets in Southeast Asia,” shared The Kim Hai, Founder and CEO of the parent company Onstar Express.

SiCepat claims its new funding round is the largest Series B raised in Southeast Asia. While the company did not explicitly disclose its valuation, it termed itself as a “soonicorn” – a term used for companies approaching unicorn status (US$1 billion in valuation).

SiCepat was bootstrapped in 2014 as a last-mile delivery services company for social commerce merchants in Indonesia. Since then, it has expanded its last-mile delivery to cater for e-commerce platforms in Indonesia. Recently, the company consolidated its key logistics assets across warehousing, fulfilment and e-distribution to provide an integrated suite of logistics services.