Indonesian logistics startup Waresix received $16 million from Singapore state investor Temasek Holdings last week as part of a Series B1 round.
The latest financing was led by Tiger Global Management and backed by venture capital firm East Ventures. The latest share allotment to Temasek brings the round total to $50 million.
Waresix connects shippers and businesses with warehouses and trucks in 229 cities across Indonesia. The company boasts 54,000 trucks and 431 warehouses on its platform.
Separately, Pakistan-based Dastgyr, a B2B marketplace with a fundraising entity registered in Singapore, has allotted more shares to investors as part of a $37 million Series A round announced in June.
The latest allotments bring the equity funding received as part of the round so far to $27.8 million, our data shows. Dastgyr plans to expand to 15 new cities in Pakistan and is also considering tapping emerging markets across Southeast Asia, the Middle East and North Africa.
According to a pitch deck seen by DealStreetAsia, the startup claims to record a gross merchandise value (GMV) of $36 for every dollar invested, compared to $11 by rivals.
Indonesia’s IPO pipeline
Waresix is among a list of Indonesian companies that have yet to achieve unicorn valuation but are looking to debut in the local stock market. Other startups in this category include P2P lender Investree, healthtech firm Halodoc, fintech firm Modalku and trucking platform Kargo Technologies.
Meanwhile, unicorns eyeing a public market debut include e-commerce operator BliBli, payment gateway operator Xendit, e-wallet firm DANA, logistics firm J&T Express and coffee chain Kopi Kenangan.
The plan by the Indonesia Stock Exchange (IDX) to launch a so-called New Economy Board by the end of Q3 2022 is expected to encourage more local listings by tech startups.
The new board should encourage companies with multiple voting shares (MVS) to list on the bourse. MVS is a class of shares where one share gives more than one vote to eligible shareholders, and is preferred by most tech companies.
Companies with minimum assets of 2 trillion rupiah ($134 million) can list on the New Economy Board. They should also have an annual growth of at least 20% in terms of assets and revenue growth of at least 20% in the last three years.
Other updates from DATA VANTAGE
As part of its latest funding round, Singapore’s social e-commerce firm WEBUY has allotted new shares worth $1.2 million to a group of investors, including Global Founders Capital, Centauri Fund and Wavemaker Partners. The company has raised $8.6 million to date, our data shows.
Singapore-based edtech firm CognaLearn has allotted $1.2 million worth of preference shares to new investors. Entities that took part in the latest funding round include Juvo Ventures, Novus Paradigm Capital and LearnLaunch Accelerator.
Indonesian waste management enterprise Waste4Change has raised a little over $362,000 from investors, including SMDV, AC Ventures, Barito Pacific and Paloma Capital. It also allocated shares worth $210,000 to Bali-based waste management firm ecoBali as part of a stock-and-cash acquisition.
Vietnam-based HR tech company JobHop allocated shares worth $350,000 to KK Fund last week, a regulatory filing showed. The startup had last bagged $2 million in funding from a joint fund managed by Daiwa and SSI Asset Management in January.
Fave, a loyalty cashback startup based in Singapore, has allotted more shares to its parent company, India-based Pine Labs. The latter announced its acquisition of Fave in April 2021.