JAKARTA - Trucking service platform Ritase has raised an undisclosed amount in a Series A funding round. The startup said the fresh capital would be used to facilitate its expansion into two new regional markets this year.
As reported by DealStreet Asia, both existing and new investors whose names were not disclosed participated in the funding round. Existing investors make up for 30%-40% of the total funding while new investors who have participated in the current round are all international players, comprising of both financial institutions and strategic investors.
“We are confident that the combination of kinds of 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 as quoted by DealStreet Asia, Monday (6/5).
Ritase provides truck logistic services that connects shippers and transporters using a single platform. It also utilises a detailed reporting system that allows companies to receive a periodic automatic report which contain the number of profits obtained from truck delivery service.
As of 2019 Ritase claims to serve tens of thousands of shipping transactions per month with the support of 6,500 trucks, 500 transportation companies, and 7,000 driver partners. (MS)