Summary
Logistics startup Paxel Indonesia managed to raise US$23 million or around Rp 325 billion in a Series C funding round led by PT Astra Digital Internasional, an investment company owned by PT Astra International Tbk (Astra Group). Several investors are also involved, such as Central Capital Ventura (Djarum Group), MDI Ventures (Telkom Group), SIG, Endeavor Catalyst, FJ Labs, and PT Amsaka Investama Sejahtera. Paxel Indonesia co-founder Zaldy Ilham Masita revealed that the company would use the funds to expand its operational reach outside Java and strengthen the last mile cold chain and fulfillment of cold chain to serve business-to-consumer (B2C) and business-to-business (B2B). Paxel also plans to strengthen human resources (HR) and technology.
Meanwhile, Astra president director Djony Bunarto Tjondro stated that Astra has already formulated the digital roadmap to develop digitalization relevant to the business world and improve Astra Group’s digital competence and capabilities. “This investment in digital business aligns with Astra’s vision to accelerate digital transformation and provide innovative products and services to the public,” Djony said.
