Indonesia’s J&T Express nets US$2.5B, eyes US$1B IPO in Hong Kong
Indonesian courier startup J&T Express has secured US$2.5 billion from Boyu Capital, Hillhouse Capital Group and Sequoia Capital China, Reuters has reported.
Chinese internet and gaming powerhouse Tencent and VC firm SIG China also joined.
The round brings the unicorn’s valuation to US$20 billion, second only to Indonesia’s most valuable startup GoTo.
The proceeds of the round will be utilised to support J&T Express’s expansion plan in China and Latin America. J&T also looks to raise US$1 billion in a listing in the Hong Kong stock market as early as Q1 2022, according to a Reuters source.
Also read: The 27 Indonesian startups that have taken the ecosystem to next level this year
Launched in 2015 by ex-Oppo executives Jet Lee and Tony Chen, J&T Express engages in the delivery of goods, both shipping by land, sea or air. The firm owns automated sorting warehouse networks in Singapore and Indonesia.
Since its inception, J&T has made inroads into Singapore, Vietnam, Malaysia, the Philippines, Thailand, Cambodia and China, besides Indonesia. The foreign markets are said to make up 70 per cent of J&T’s business.
Driven by the pandemic-fulled boom in the e-commerce sector, J&T has witnessed healthy growth across all markets. In Indonesia alone, the startup delivers around 2.5 million parcels each day, up 40 per cent from the pre-pandemic level.
J&T also serves as the delivery partner of brands, such as Bukalapak, Tokopedia and Shopee, which cover two-thirds of its service orders in the archipelago.
Last month, the firm acquired its Chinese competitor Best’s logistics business Best Express for US$1 billion.
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Image Credit: J&T Express
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