Leading Logistics Startup, Kargo Raises $31 Million
Co-founded by Uber Asia Executive Tiger Fang, Kargo, a Jakarta-based logistics startup has raised around $31 million in Series A funding round in order to scale its business and help the Southeast Asian nation to fight with COVID-19. The new round has been led by Tenaya Capital, Intudo Ventures, Sequoia India, and Mirae Asset Management along with the Founder and Former Chief Executive of Uber, Travis Kalanick among others. According to the company, to date, it has raised a total count of around $38.6 million as its funding.
According to Tiger Fang, Kargo has taken some of the concepts behind Uber which have been applied to trucking and logistics. Tiger said that the company’s clients generally use a mobile app or website to order trucks, but he sees a wider scope in this field. He also noted that Kargo deals with 3PLs and truck operators rather than truck drivers themselves, unlike Uber.
Kargo is also planning to help businesses in Indonesia to fight the COVID-19 through its newly formed $1 million relief fund for truckers. Along with Tiger Fang, the employees of the company have contributed their salaries for the cause. Even, Tiger Fang has decided that he will not take any salary for next year. In addition, the newly launched relief fund is open to everyone, means anyone can donate to the fund.
It has also been declared that the firm has also partnered with other charitable organizations including PT Akar Indah Pratama and Kita Bisa. By partnering with these organizations, Kargo is delivering meals and essential medical supplies to healthcare workers and patients at multiple hospitals.
Tiger Fang states, “Kargo pledges to be the most reliable logistics partner to ensure no disruptions to the supply chain of essential items in Indonesia. Our entire company is donating a portion of our salaries to this cause and we invite local businesses and organizations to get in touch so we can work this problem together.” He adds, “We’re grateful for our wonderful investors who continue to support us, even in a time of financial uncertainty.”
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