Kargo Online System PT, which operates Indonesian freight logistics marketplace Kargo Technologies, has raised $31 million (Rs 236.35 crore at current exchange rates) in a Series A funding round.
Silicon Valley-based early-growth stage capital provider Tenaya Capital led the round, Kargo said in a statement.
Others that participated include Sequoia Capital India and Southeast Asia, Intudo Ventures, Coca-Cola Amatil Ltd, Agaeti Convergence Ventures, Alter Global and Mirae Asset Venture Investment.
This is the second time Sequoia India has invested in Kargo Technologies. In March last year, the domestic arm of the global venture capital firm led a $7.6 million seed funding round in the company, with participation from Uber founder Travis Kalanick’s 10100 Fund, Agaeti Ventures and Innoven Capital.
Kargo was set up in 2018 by Tiger Fang and Yodi Aditya. While Fang launched Uber’s operations in Indonesia and other Southeast Asian countries, Aditya has worked in setting up logistics platforms in sectors such as aviation and finance.
As part of the latest funding round, Kargo will seed a Logistics Relief Fund to aid in coronavirus relief operations in Indonesia, including through the delivery of essential supplies and partnerships with charity and aid organisations.
“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,” Aditya said.
Sequoia India is one of the most prominent early-stage investors in the country and the Southeast Asian region. It operates both a traditional VC unit as well as an accelerator (Surge) to invest in startups.
In October last year, Sequoia India marked the final close of its maiden seed fund. At the time, its managing director Shailendra Singh said the fund was already investing in startups that were part of the second cohort of Surge.
The VC has invested in more than 100 companies in India. Some of its portfolio companies in India include Ola, Oyo, Awfis, 1mg, education-technology firm Byju’s, DailyHunt, Meesho and Razorpay.
Sequoia India has also invested in several companies in Southeast Asian countries such as Thailand, Singapore and Indonesia since 2012. Its investments in the region include Indonesia’s Go-Jek, Tokopedia and point-of-sale software provider Moka, Singapore-based data analytics startup Nugit and health-tech startup Biofourmis Singapore Pte. Ltd.
