Former Uber exec raises $31M for his Jakarta-based logistics startup Kargo, announces relief fund to battle coronavirus
Kargo, a Jakarta-based logistics startup co-founded by veteran Uber Asia executive Tiger Fang, have given rise to $31 million to proportion its business and help firms in the Southeast Asian nation fight the coronavirus.
Silicon Valley-based Tenaya Capital, Sequoia India, Mirae Asset Management and Intudo Ventures amongst other financed Kargo’s Series A round. The startup, which has raised $38.6 million to date, weighs Uber founder and former chief executive Travis Kalanick as an investor.
Kargo makes some of the notions behind Uber and are being applied to trucking and logistics. Business patrons degree trucks squandering a portable app or website, but the scope is wider, said Fang. Unlike Uber, Kargo works with truck adventurers and 3PLs rather than truck driver themselves.
For its Series A announcement, Kargo has an exceptional pitch: It wants to help companies in Indonesia fight the coronavirus. The startup plans to do so with its newly formed $ 1 million aid store for truckers. Kargo employees have contributed their salaries — and Fang is not taking any salary for next year. Anyone can donate to the fund, Fang told TechCrunch.
The startup has also partnered with various benevolent organizations including Kita Bisa, PT Akar Indah Pratama, with whom it is working to deliver meals and vital medical supplies to healthcare workers and cases at numerou hospitals.
Kargo said it is taking several precautions to keep drivers safe. This includes ensuring that all pit stops on its routes are well-stocked and properly disinfected. Kargo has also implemented an electronic proof of delivery mechanism on its programme to limit physical contact between users.
“Kargo pledges to be the most reliable logistics collaborator to ensure no interruptions to the supply chain of all-important entries in Indonesia. Our entire company is giving a portion of our wages to this cause and we invite local businesses and organizations to get in touch so we can work this problem together, ” said Fang.
” We’re grateful for our wonderful investors who continue to support us, even in a time of financial hesitation ,” he added.
Logistics remains a major opportunity in several South Asian marketplaces as neighbourhood shippers and transporters begin to slowly adopt technology to address infrastructure inefficiencies.
Kargo has already amassed more than 6,000 active shippers and a structure of more than 50,000 trucks across the nation.
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