Kargo, the Indonesian logistic firm Kargo has announced picking up $31 million in a Series A round led by Tenaya Capital. The financing also saw participation from Sequoia India and Southeast Asia, Intudo Ventures, Coca-Cola Amatil, Agaeti Convergence Ventures, Alter Global, and Mirae Asset Venture Investment.
Prior to this round, the firm had raised $7.6 million last year in a seed financing round when Sequoia Capital India had led the round. The current financing takes the total amount raised by the firm to $38.6 million.
The firm was founded in 2018 by Tiger Fang and Yodi Aditya as a platform that offers logistical shipping services to 3PLS and truck operators. Through its mobile app and website, the firm allows shippers, transporters, and truckers to connect, transact and track shipments in real-time on a platform.
Notably, the firm has set up a relief fund for the COVID pandemic. Tiger Fan, the CEO of the firm will not be taking any salary for the rest of the year while the top employees of the firm contributed their salaries.
Yodi Aditya, the CTO of the firm, commenting about the firm said that “Whether it’s keeping retail shelves stocked with minimal human contact or making e-commerce orders more fluid across the nation, our team believes we can help solve this problem."
Fang, talking about the investing round said, “Kargo pledges to be the most reliable logistics partner to ensure no disruptions to the supply chain of essential items in Indonesia. Our entire company is donating a portion of our salaries to this cause and we invite local businesses and organizations to get in touch so we can work this problem together. We’re grateful for our wonderful investors who continue to support us, even in a time of financial uncertainty.”
Image courtesy: Kargo