Sicepat Express Valuation, Funding & Investors

Sicepat Express is valued at $744M as of March 2021.

Last Sicepat Express valuation

$744M

Series B · Mar 2021

Last Sicepat Express funding round

$170M

Series B · Mar 2021

Cumulative funding Sicepat Express raised

$274M

across 4 funding rounds

Key investors in Sicepat Express

Sicepat Express Overview

About Sicepat Express

Sicepat Express is a Jakarta-headquartered logistics provider in Indonesia founded in 2004. The company delivers last-mile courier services, warehousing, fulfillment, and middle-mile transport for e-commerce businesses. With over 1,000 outlets across major cities, Sicepat supports platforms like Shopee and Tokopedia through same-day delivery networks and cross-border options.


Founded

2004

HQ

IndonesiaJakarta

Status

Privately held

Customer focus

B2B

Revenue model

Services

Valuation

$744M (Mar 2021)

Sicepat Express Valuation

Sicepat Express is currently valued at $744M, based on its Series B in March 2021.

The $170M round was led by Falcon House Partners and MDI Ventures, with participation from KFW DEG, Kejora Capital, Trihill Capital, Daiwa Securities Group, Indies Capital Partners and 1 other investor.

Sicepat Express' valuation has grown 1.0x from $736M at its Series B in December 2020 to $744M in March 2021, across 2 priced rounds.

Sicepat Express valuation by funding round

Sicepat Express valuation by funding round
DateStageValuation
Mar 2021Series B$744M
Dec 2020Series B$736M

Sicepat Express Funding History

Sicepat Express has raised a total of $274M across 4 funding rounds.

Sicepat Express' first fundraising round was a $4M seed round in June 2017. The most recent completed round was a $170M Series B in March 2021.

Sicepat Express funding rounds

Sicepat Express funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Mar 2021Series BFalcon House Partners (lead); MDI Ventures (lead); KFW DEG; Kejora Capital; Trihill Capital; Daiwa Securities Group; Indies Capital Partners; Pavilion Capital$170M$744MSiCepat Ekspres is an Indonesian last-mile delivery and logistics company founded in 2014, specializing in serving social commerce merchants and e-commerce platforms including Bukalapak, Lazada, Shopee, and Tokopedia. The company provides end-to-end logistics services encompassing last-mile delivery, warehousing, fulfillment, middle-mile logistics, and online distribution. SiCepat claims to have achieved profitability and fulfilled more than 1.4 million packages per day in 2020. In March 2021, SiCepat closed a $170 million Series B funding round, at that time the largest Series B raised in Southeast Asia. The round was led by Falcon House Partners and MDI Ventures (Telkom Indonesia's investment arm), with participation from Kejora Capital, DEG (German Development Finance Institution), Pavilion Capital (Temasek subsidiary), Indies Capital, Trihill Capital, and Daiwa Securities. According to VentureCap Insights, the round valued SiCepat at approximately $744 million post-money. The company stated the financing was designed to strengthen its position as a leading end-to-end logistics provider in Indonesia and potentially explore expansion to other Southeast Asian markets. Prior to this Series B, SiCepat had raised $50 million in Series A funding in April 2019 from Kejora InterVest Growth Fund, and received an earlier $50 million Series B tranche in December 2020 from Praus Company that valued the company at approximately $736 million.
Dec 2020Series BPraus Industries$50M$736MSiCepat Express is an Indonesia-based last-mile logistics and delivery service founded in 2014 by Rudy Swigo and The Kim Hai, offering a mobile app for shipping services across Indonesia with delivery times from 15 hours to a day, serving e-commerce platforms like Tokopedia, Shopee, Bukalapak, and Lazada. The company secured a Series B funding tranche of $50 million from Praus Company (also referred to as Praus Industries) around December 2020, acquiring an 8.3% stake at a post-money valuation of approximately $736 million, as reported from regulatory filings. This followed prior rounds including $3.5 million seed from Kejora Ventures in 2017, $50 million Series A from Barito Teknologi, Kejora InterVest Growth Fund, and Tokopedia in 2019, and a corporate round from Tokopedia in March 2020. The Praus investment valued SiCepat at $736 million, highlighting its growth in the competitive Indonesian logistics market amid booming e-commerce. In 2020, SiCepat reported significant operational expansion, reaching 1 million packages per day in the first half and transaction growth to IDR 3.5 trillion, up 191% year-over-year, with over 5 million packages shipped during Harbolnas 12.12. This tranche was part of a larger $170 million Series B closed in March 2021 with additional investors like MDI Ventures (Telkom Indonesia), DEG, Daiwa Securities, Falcon House Partners, Indies Capital, Kejora Capital, Pavilion Capital, Tri Hill, and an Asia-based insurer. SiCepat positioned itself as a leading end-to-end logistics provider in Indonesia, planning to use funds for network expansion including Sicepat Points via partners like Fastpay, Sentral Cargo, and Alfamart, and potential Southeast Asia growth. The company's performance in 2020 exceeded projections by 105% with 110% growth, strengthening its market position. It was considered a potential unicorn post-Tokopedia investment, competing with players like J&T Express in Indonesia's sixth-largest unicorn ecosystem at the time.
Apr 2019Series ABarito Pacific (lead); Kejora Capital (lead)$50M--
Jun 2017SeedKejora Capital (lead)$4M-Sicepat Express raised $3.5 million in seed funding from Kejora Capital in 2017. This preceded a $50 million Series A round in 2019 involving Kejora InterVest Growth Fund and Barito Pacific's Barito Teknologi, and a $50 million Series B round with Praus Company acquiring an 8.3% stake at a $736 million valuation. Later, in 2021, the company secured a $170 million Series B round from investors including Falcon House Partners, Kejora Capital, and Pavilion Capital, valuing it at approximately $744 million.

Who has invested in Sicepat Express?

10 investors have backed Sicepat Express across its funding rounds, including Kejora Capital, Pavilion Capital, MDI Ventures, KFW DEG, Trihill Capital and Daiwa Securities Group.

Lead investors include Falcon House Partners, MDI Ventures, Barito Pacific and Kejora Capital.


Sicepat Express Investors

Investors in Sicepat Express by funding rounds participated
InvestorHQRoundsRoleFirst check
Kejora CapitalIndonesiaJakarta3LeadJun 2017
MDI VenturesIndonesiaJakarta1LeadMar 2021
Falcon House PartnersSingaporeSingapore1LeadMar 2021
KFW DEGGermanyCologne1ParticipantMar 2021
Barito PacificIndonesiaJakarta1LeadApr 2019
Trihill CapitalSingaporeSingapore1ParticipantMar 2021
Praus IndustriesUnited StatesSaint Louis, IL1ParticipantDec 2020
Daiwa Securities GroupJapanJapan1ParticipantMar 2021

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Investments by Sicepat Express

Sicepat Express has invested in 1 company to date.

Latest investment by Sicepat Express was on November 1st 2021. Sicepat Express invested in NAMA Beauty in their $5M Seed round.


Latest Investments by Sicepat Express

NAMA Beauty
Description
NAMA Beauty is a direct-to-consumer cosmetics brand offering skincare, makeup, and beauty essentials inspired by Korean formulations. The company sells through its online store with products like serums, masks, and lip tints targeting hydration and glow enhancement for global customers.
HQ CountryIndonesia
HQ City
Jakarta
Deal Date1 Nov 2021
RoundSeed
Raised$5M
InvestorsAC Ventures; Digital Mediatama Maxima
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Sicepat Express Competitors

Sicepat Express competitors include listed companies like Covenant Logistics, Heartland Express, Hangzhou SF Intra-City and Marten Transport, and private ones like Yunniao Delivery and Tristar Transport.

Public and private companies comparable to Sicepat Express
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Covenant LogisticsUnited StatesUnited StatesPublicly listed$1.2B$110M$863M0.9x
Heartland ExpressUnited StatesUnited StatesPublicly listed$806M$102M$922M1.3x
Hangzhou SF Intra-CityChinaChinaPublicly listed$3.4B$54M$991M0.2x
Yunniao DeliveryChinaBeijingPrivate--$1B-
Marten TransportUnited StatesUnited StatesPublicly listed$884M$130M$1.1B1.1x
Tristar TransportUAEDubaiPrivate-$100M$500M-

Sicepat Express Public Comps

Sicepat Express is still privately-owned, but its public comps include Kelsian Group, Aramex, Saudi Automotive Services, Pasifik Eurasia, Cargojet, Posti Group, Covenant Logistics, Hidrovias do Brasil, Ferrari Group and Gür-Sel Turizm.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kelsian Group$1.6B$197M0.9x0.8x7.1x6.2x
Aramex$1.7B$148M0.6x0.6x7.3x6.1x
Saudi Automotive Services$3.1B$186M0.7x0.6x11.1x12.4x
Pasifik Eurasia$50M$25M17.5x-34.8x-
Cargojet$711M$238M2.1x1.9x6.2x6.1x
Posti Group$1.7B$208M0.7x0.7x5.8x5.3x
Covenant Logistics$1.2B$110M1.0x0.9x10.7x8.2x
Hidrovias do Brasil$436M$146M3.1x3.1x9.3x6.8x

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Common questions about Sicepat Express

When was Sicepat Express founded?Sicepat Express was founded in 2004.
Where is Sicepat Express headquartered?Sicepat Express is headquartered in Jakarta, Indonesia.
Is Sicepat Express publicly listed?No, Sicepat Express is a private, VC-backed company.
What is Sicepat Express' valuation?Sicepat Express was last valued at $744M in its Series B in March 2021.
How much funding has Sicepat Express raised?Sicepat Express has raised $274M across 4 funding rounds.
What was Sicepat Express' last funding round?Sicepat Express' last funding round was a $170M Series B in March 2021, led by Falcon House Partners and MDI Ventures.
Who are Sicepat Express' investors?Sicepat Express' investors include Kejora Capital, MDI Ventures, Falcon House Partners, KFW DEG, Barito Pacific, Trihill Capital, Praus Industries, Daiwa Securities Group, Indies Capital Partners and Pavilion Capital.
Which companies are comparable to Sicepat Express?Companies comparable to Sicepat Express include Covenant Logistics, Heartland Express, Hangzhou SF Intra-City, Yunniao Delivery, Marten Transport and Tristar Transport.
How many companies has Sicepat Express invested in?Sicepat Express has invested in 1 company, including NAMA Beauty.
What was Sicepat Express' last investment?In November 2021, Sicepat Express invested in NAMA Beauty's $5M seed round alongside AC Ventures and Digital Mediatama Maxima.

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