Indonesian trucking platform Ritase secures Series A funding
Ritase, an Indonesian trucking solutions company, announced that it has secured an undisclosed Series A round of funding, as reported by DealStreetAsia.
The names of the investors, both existing and new, were not made public.
The funding, the company said, will be used to facilitate its business plans such as expansion into two new regional markets within this year.
“We are confident that the combination of the investors, including financial institutions and strategic partner, will really support Ritase’s growth and help us go international,” said Ritase founder and CEO Iman Kusnadi.
Ritase describes itself as a mobile and desktop-based truck logistics service provider that seeks to connect the ‘shipper and transporter’ on its platform. It follows a B2B model for an O2O (online to offline) truck freight platform, integrating a service that gives businesses a periodic automatic report details the truck delivery service profits.
Per 2019, the company said it’s going to facilitate tens of thousands of shipping transactions per month with the support of 6,500 trucks, 500 transportation companies, and 7,000 driver partners connected through the platform.
Recently, it launched Smart Shelters, that function as a gathering point for its driver partners in East Java area. The company plans to launch a new product called Group Buy, allowing its users to buy and sell trucks and trucking-related products within the platform.
Before this funding round, the company had raised a pre-Series A funding round from Insignia Venture Partners, Skystar Capital, and angel investor Tarun Gandhi.