Series A funding led by Golden Gate Ventures, with Jafco Aisa and ZWC Ventures was recently closed by the Indonesian trucking service platform, Ritase. The funding round comprised of some existing backers such as Insignia Ventures, Beenext, and Skystar Capital; where Ritase has secured an amount of US$8.5 million.
Insignia Ventures Partners, Skystar Capital, Agung Venture Capital, Beenext, Mitsubishi Corporation, and several angel investors had participated previously when the startup had its seed and pre-Series A funding amounting to US$4.4.
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 startup was founded in 2017 by Iman Kusnadi and David Samuel.
Both vendors and customers use the company run software- as- a- service (SaaS) platform for transport management. To transport their goods across Indonesia, the lets enterprise clients work with trucking vendors. They also utilize underused vehicles and address the fragmentation of demand and supply.
Real-time management of the fleet, digital order processing, load planning, and route optimization is also facilitated with the help of the company’s other solutions including fleet management systems
Brands such as Nestle, Unilever, Universal Ribena Corporation (URC), Japfa, Signify/Philips Lighting, Lotte, and Perfetti Van Melle are already a part of the company’s client portfolio.
Ritase’s plans for its freshly raised capital include providing supply chain financing to local transporters and affordable spare parts and trucks through a group buying platform. Along with this, efforts towards becoming the market leader in Indonesia’s trucking industry will also be made by accelerating innovation and development.
In the coming time, the company plans to expand its businesses starting from Singapore and moving towards countries such as Thailand, Malaysia and Philippnes.
Nancy Lojas has a Pharmaceutical background. She is pursuing a Masters Degree from the University of Toronto and loves to write about research, discoveries & trends in the Healthcare sector.