Indonesian digital freight forwarder Andalin has said today it secured US$4 million financing in a round led by Intudo Ventures.
Cardig Group, Beenext, and several undisclosed strategic investors also co-invested in this round.
Andalin will utilise the funding to expand its market coverage in the East Indonesia region, scale its headcount from 100 team members to 150-200 across all functions, and introduce new products and services integrated into its main platform.
In 2022, the startup also plans to create an end-to-end one-stop solution for international trade activity by providing additional services such as trade financing, cargo insurance, and a SaaS-based freight management system. The firm will integrate these offerings with its upcoming trading service platform, which will allow manufacturers and distributors in the Andalin ecosystem to trade with one another.
This round comes nearly a year after Andalin closed its undisclosed Series A funding to establish freight consolidation infrastructure and open branch offices in the international port cities of Semarang, Surabaya, Medan and Makassar.
Also read: How the logistics partner can make or break the online shopping experience
Founded in October 2016 by Rifki Pratomo (CEO), Ivhan Famly Gunawan (CTO), and Saut Tambunan (COO), Andalin provides businesses with timely and streamlined cross-border shipment processes between Indonesia and global destinations.
Its digital platform allows customers to book shipments, receive faster freight quotations, compare services that best suit their needs, and manage hundreds of shipments in one place. So far, its logistics services cover sea freight, air freight, project shipment, and customs clearance services.
Andalin claims it helps clients enjoy savings of up to 15-20 per cent in cross-border shipping costs compared to their previous service providers, cuts down administrative work, and increases productivity.
With a coverage of over 200 global ports, the startup boasts of having served over 300 manufacturers and distributors, from SMEs to large corporations, such as Rentokil Initial, Hitachi, to Electrolux.
From February 2021 to December 2021, Andalin’s monthly revenue experienced 690 per cent growth, paired with a 10.6x increase in the total number of containers shipped, the startup noted in a statement.
Indonesia’s import and export value grew from around US$300 billion in 2020 to US$430 billion in 2021 and enjoyed a trade surplus of US$35.34 billion — the biggest since 2007.
Meanwhile, the value of international trade in the Southeast Asia region, both between member countries and from/to other areas, was valued at US$2.8 trillion in 2019 and is predicted to continue to rise in the next few years, per ASEAN Stats data. The sector has proven its role as one of the backbones of the Southeast Asian economy. However, it is still considered underdeveloped and overlooked, with the total value of collective investments in several local startups amounting to less than US$40 million.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
Image Credit: Andalin
The post Andalin nets US$4M to foray into trade financing, cargo insurance, SaaS freight management appeared first on e27.