4/7/2019 – Ritase, an Indonesian trucking service platform has secured a US$8.5 million Series A funding led by Golden Gate Ventures, with Jafco Aisa and ZWC Ventures. Existing backers Insignia Ventures, Beenext, and Skystar Capital also joined the round.
Previously, the startup has raised its seed and pre-Series A funding amounting to US$4.4 million from Insignia Ventures Partners, Skystar Capital, Agung Venture Capital, Beenext, Mitsubishi Corporation, and several angel investors.
Founded by Iman Kusnadi and David Samuel in 2017, Ritase provides digital logistics service for trucks with a mobile and desktop application that matches shippers and transporters and provides real-time monitoring and reporting for the shipment process.
The company runs a software-as-a-service (SaaS) platform for transport management that’s used by both vendors and customers. This lets enterprise clients find and work with trucking vendors to transport their goods across Indonesia, as well as efficiently utilize underused vehicles and address the fragmentation of demand and supply.
Besides, Ritase’s other solutions including fleet management systems also allows for real-time management of the fleet, digital order processing, load planning, and route optimization.
In its two years of establishment, the company has already on-boarded brands such as Nestle, Unilever, Universal Ribena Corporation (URC), Japfa, Signify/Philips Lighting, Lotte, and Perfetti Van Melle.
The company also said it has inked a deal with the Indonesian Ministry of Transportation to digitalize weight scales across the country to alleviate truck overloading and over-dimensioned cargo.
To date, Ritase facilitates tens of thousands of shipments every month and has signed up to 500 small and medium-sized transportation companies, with more than 7,500 individual trucks and 7,000 partner drivers connected to its app.
“We are confident that the combination of the investors, including financial institutions and strategic partner, will support Ritase’s growth and help us to go international,” Ritase’s Founder and CEO Iman Kusanadi said.
With its new funding capital, Ritase plans to provide supply chain financing to local transporters and affordable spare parts and trucks through a group buying platform. It will also accelerate innovation and development to become the market leader in Indonesia’s trucking industry.
Moving forward, the company is also eying international expansion, with its first stop being Singapore where it wants to build relationships with global FMCG and retail brands.
After Singapore, the company will further decide which regional markets to expand into next, and this could include Malaysia, Thailand, or the Philippines.
This news is published on Reuters.