Baskit, a start-up focused on offering technologies that harness the power of traditional supply chains in Indonesia, today announced that it has raised US$1.5 million in pre-seed funding.
The round is led by Forge Ventures, with co-investment from Sketchnote Partners, DS/X Ventures, Prasetia Ventures, and other prominent global and regional angels. With the fresh raise, the company plans to continue investing in its technology and team of industry practitioners to better serve Indonesia’s consumer distribution chain and accelerate critical partnerships with brand principals.
The company said in a statement that it also received early backing from a group of prominent investors and industry veterans, including Shafie Shamsuddin (Chairman of Petronas, Former CEO of Transmart and AEON), Reynold Wijaya (Founder of Modalku), Ankit Sethi (COO of Fung Investments) and APAC Foodpanda/Delivery Hero Leadership teams (Jakob Angele, Pedram Assadi, and Arun Makhija).
Baskit was founded in 2022 by Yann Schuermans (CEO), Yoonjung Yi (Head of People and Communications), and Yasser Arafat Akhmad (Head of Technology). The team recognised that in Indonesia, traditional distribution chains are often most ineffective in their middle layers, driving many inefficiencies including product stock-outs, lack of data visibility, and supply chain losses from expiry.
Baskit believes that the opportunity lies in strengthening the distributors and wholesalers that make up these layers with commercial support and technology. Beyond tapping into a massive market, being the technology partner of choice for these businesses opens a myriad of new opportunities for positively impacting communities, including serving rural consumption better and promoting financial inclusion across previously unbanked distribution businesses and merchants.
Schuermans said, “Our goal is to become the country’s leading supply chain enabler by fostering a collaborative ecosystem and turbo-charging infrastructure and relationships that have been in place for decades. After Covid, we saw E-Commerce sales drop as offline channels bounced back, but many businesses had already been decimated by the pandemic.
“Even the survivors were met with a new normal of shifting consumer behaviours and supply chain pressures such as inflation. We strongly believe that the confluence of these headwinds with unprecedented digital literacy has created the right conditions for the mass adoption of technology within supply chains.
“We are confident that with Baskit’s support and platform, we will be able to play a role in revitalising traditional commerce, and pave the way for healthier supply chains across many verticals.”
Baskit has experienced explosive growth since its official launch in November 2022, doubling in size month-on-month. The company takes a regional stronghold approach, focusing on key cities, one at a time.
While core operations continue to gain momentum, the company is also laser-focused on lining up major partnerships with brand owners and distributors to boost expansion plans.
Commenting on the investment, Tiang Lim Foo, Partner at Forge Ventures, said, “We are thrilled to lead Baskit’s pre-seed funding round as we recognise the immense potential in their mission to empower traditional supply chains in Indonesia.
“Indonesia remains one of the most dynamic economies in the region, and despite global uncertainties, we are very excited about the market’s long-term potential. By bridging the gap between technology and traditional commerce, Baskit is poised to transform the industry, revitalising businesses and fostering growth for millions of SMEs.
“We believe in the company’s vision and are confident that Baskit’s innovative approach will drive sustainable change and unlock new opportunities for all stakeholders in the distribution ecosystem.”
Yann, on the use of funds, said: “The funds raised will be used to further expand our geographical reach across West and Central Java, while bringing in relevant leaders to enhance our technology stack and consummate a pipeline of brands and distributor partnerships planned for 2H23.”