Indonesia’s Baskit raises $1.5m in Forge Ventures-led pre-Seed funding

Indonesia-based Baskit, a technology company focused on enhancing traditional supply chains in the country, has raised $1.5m in pre-seed funding.

The round was led by Forge Ventures, and also saw participation from DS/X Ventures, Sketchnote Partners, Prasetia Ventures, and other notable regional and global angel investors.

Baskit aims to invest in its technology and team of industry practitioners to serve Indonesia’s consumer distribution chain and forge critical partnerships with brand principals.

Baskit was founded in 2022 by Yann Schuermans (CEO), Yoonjung Yi (Head of People and Communications), and Yasser Arafat Akhmad (Head of Technology), who recognized that traditional distribution chains in Indonesia often experience inefficiencies in their middle layers. Such drawbacks include product stock-outs, supply chain losses due to expiration and a lack of data visibility.

Baskit intends to leverage technology and commercial support to strengthen these layers comprising distributors and wholesalers, opening up myriad new opportunities for impacting communities positively.

According to Schuermans, the company aims to foster a collaborative ecosystem and turbocharge infrastructure and relationships that have been in place for decades, making it the country’s leading supply chain enabler.

Schuermans said that the pandemic had adversely affected many traditional commerce businesses, and the new normal of shifting consumer behaviors and supply chain pressures, such as inflation, were creating the right conditions for mass technology adoption within supply chains.

The funds raised would be used to expand the company’s geographical reach across West and Central Java, enhance the technology stack, and establish brand and distributor partnerships in H2 2023.

Baskit, which was officially launched in November 2022, has experienced explosive growth, doubling in size month-on-month. The company takes a regional stronghold approach, focusing on key cities, one at a time, while also lining up major partnerships with brand owners and distributors to boost expansion plans.

Forge Ventures’ Partner Tiang Lim Foo, who led the pre-seed funding round, said that Indonesia remained one of the most dynamic economies in the region, and Baskit was poised to transform the industry, revitalizing businesses and fostering growth for millions of SMEs.

He was confident that Baskit’s innovative approach would drive sustainable change and unlock new opportunities for all stakeholders in the distribution ecosystem.