Indonesian Supply-Chain Startup Baskit Secures $3.3 Million in Seed Round

Indonesian supply-chain startup Baskit has successfully raised $3.3 million in a seed funding round, as announced on Tuesday. The round was led by venture capital firm Betatron Venture Group, with participation from Forge Ventures and Indonesian tobacco magnate Michael Sampoerna. This funding comes shortly after Baskit‘s pre-seed funding round of $1.5 million in March, which was also led by Forge Ventures.

Baskit, a business-to-business (B2B) startup launched in November 2022, offers two primary services to distributors and wholesalers in Indonesia. These services include virtual salespeople and inventory management support, a digital marketplace for distributors. 

The company aims to empower small and medium-sized enterprises (SMEs) by providing digital tools to streamline their operations and access better pricing.

In addition to its core services, Baskit provides financing options to intermediaries who often face challenges in obtaining working capital from traditional financial institutions. Leveraging its software’s data on businesses’ turnover and financial flows, Baskit can assess their creditworthiness and offer tailored financing solutions. The company collaborates with various peer-to-peer (P2P) lenders and traditional banks, including one that is also an investor in the company.

Since its inception, Baskit has experienced a monthly revenue growth rate exceeding 70 percent. The startup has capitalized on the increasing demand for digital solutions in the distribution and wholesale sectors, especially in light of the challenges posed by the Covid-19 pandemic.

With the recent infusion of funds, Baskit aims to accelerate the growth of its existing revenue streams while also focusing on enhancing its technology infrastructure. Baskit intends to leverage its resources to secure significant contracts with brand principals and manufacturers, further solidifying its position in the market.

Baskit’s expansion strategy involves penetrating more cities in Indonesia to achieve a double-digit presence among wholesalers in each location. By establishing a strong foothold with a network of 50 wholesalers, the company seeks to become an indispensable player in the industry.

Baskit CEO Yann Schuermans said, “We aspire to build a platform that orchestrates all the relevant players in the supply chain, generating economic gain and ultimately benefiting consumers. To do this, we have a razor-sharp focus on building superior tech that excels in functionality and usability for the SMEs we support.”