Monday, 2024 April 15

Indonesian logistic platform Ritase snags USD 8.5 million Series A funding

Jakarta-based logistics platform Ritase has raised USD 8.5 million in a Series A funding round led by Golden Gate Ventures, with participation from Jafco Asia and ZWC Ventures.

Previously, the company received seed and pre-series A funding amounting to USD 4.4 million from Insignia Ventures Partners, Mitsubishi Corporation, Beenext, Skystar Capital, and Agung venture capital, according to an official statement from the company.

Ritase provides a B2B digital transportation system that matches shippers and transporters, simplifying the logistics supply chain to create a more efficient ground freight process. Ritase’s other solutions include fleet management systems that utilize underused trucks and address the fragmentation of demand and supply. The platform is also equipped with a SaaS system for real-time management of the fleet, digital order processing, load planning, and route optimization.

Today, Ritase facilitates tens of thousands of shipments per month, and it has signed up 500 small and medium-sized transportation companies, with more than 7,500 individual trucks and 7,000 drivers. It also has already worked with internationally renowned brands like Nestlé, Unilever, Japfa, Lotte, and others. Ritase has also signed a deal with the Indonesian Ministry of Transportation to digitalize weight scales across the country to alleviate truck overloading and overdimensioned cargo.

The company was founded in November 2017 by serial entrepreneur Iman Kusnadi and software architect and developer David Samuel. Kusnadi has more than a decade of experience working in the logistics industry, including for global logistics giant DHL. Ritase is the rebranded version of an earlier company he had founded, Trucktobee.

The company says it will utilize its fresh investment to accelerate innovation and development in order to become the market leader in Indonesia’s trucking industry. Ritase is also eyeing international expansion, with its first stop in Singapore where it wants to build relationships with global FMCG and retail brands, Kusnadi told KrASIA in an interview. After Singapore, the company will decide which regional markets to expand to. This could be Malaysia, Philippines or Thailand, according to Kusnadi.

In its home country, Ritase is facing competition with Kargo Technologies. The startup is led by Tiger Fang, one of Uber’s earliest employees in Southeast Asia who also launched Uber’s operations in Indonesia, Malaysia, and Thailand. In March, the startup raised a USD 7.6 million seed round led by Sequoia India to expand its team aggressively.

Besides regional expansion, Ritase also has plans to offer financing to its partners, as well as greater accessibility to affordable auto parts and trucks through its group buying platform.

Khamila Mulia
Khamila Mulia
Khamila Mulia is a seasoned tech journalist of KrASIA based in Indonesia, covering the vibrant innovation ecosystem in Southeast Asia.

Related Read