Editor’s take: The week that was March 1-6
March 7, 2021
As we compile the list of significant developments that unfolded in Asia last week, we see an interesting shift in trend. A lot of headlines are now being dominated by SPAC-related news across markets. Earlier, the SPAC frenzy was primarily associated with companies in Southeast Asia but now it seems that countries like India, too, are warming up to the idea of listing through the SPAC route.
Indonesian unicorn
Bukalapak recently made headlines for considering a US listing via SPAC. Sources told us at DealStreetAsia that the e-commerce giant is also eyeing an IPO on the Indonesia Stock Exchange (IDX) as it looks to save tax costs associated with the listing process in the US.
March 5, 2021
Indonesian last-mile delivery startup SiCepat Ekspres has closed a Series B funding round of $170 million backed by a host of investors including Falcon House Partners, Pavilion Capital and MDI Ventures.
The deal confirms DealStreetAsia’s report published in January.
Other new investors in the round include German development financial institution DEG, Trihill Capital and Daiwa Securities, while existing backers Kejora Capital and Indies Capital also topped up, Sicepat said in a release.
“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 potentially to explore expansion to other markets in Southeast Asia,” said The Kim Hai, founder and CEO of Sicepat’s parent company Onstar Express.
Indonesian logistics startup SiCepat raises $170 million Series B
SiCepat, an end-to-end logistics startup in Indonesia, announced today it has raised a $170 million Series B funding round. Founded in 2014 to provide last-mile deliveries for small merchants, the company has since expanded to serve large e-commerce platforms, too. Its services now also cover warehousing and fulfillment, middle-mile logistics and online distribution.
Investors in SiCepat’s Series B include Falcon House Partners, Kejora Capital, DEG (the German Development Finance Institution), Telkom Indonesia’s investment arm MDI Ventures, Indies Capital, Temasek Holdings subsidiary Pavilion Capital, Trihill Capital, and Daiwa Securities. The company’s last funding announcement was a $50 million Series A in April 2019.