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J&T Express Is Reportedly Secured 35,6 Trillion Rupiah Funding and Now a Decacorn

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J&T Express logistics startup is reported to secur $2.5 billion funding or equivalent to 35.6 trillion Rupiah with a valuation of $20 billion (around Rp.285 trillion), an now officially a “decacorn”. This round is part of J&T’s plan to go public on the Hong Kong Exchange in the first quarter of 2022.

Based on Reuters, this round was backed by a number of major investors, including Boyu Capital, Hillhouse Capital Group, and Sequoia Capital China. In addition, Chinese gaming and internet giant Tencent Holdings, as well as SIG China and Susquehanna International Group.

“This fundraising is in line with J&T’s expansion steps into China and Latin America, in addition to the IPO plan on the Hong Kong stock exchange,” some undisclosed sources said.

In a general note, J&T Express plans to raise $1 billion fund ahead of the IPO. In fact, CB Insights reported that J&T had achieved unicorn status with a $7.8 billion valuation in April.

The source revealed that J&T appointed Bank of America (BAC.N), China International Capital Corp., and Morgan Stanley (MS.N) to help with the IPO plan.

Regarding the news, a number of investors involved declined to comment to Reuters, including Tencent and China’s Sequioa.

Logistics market competition

For the record, J&T Express was founded in 2015 by Jet Lee and Tony Chen, top executives from Oppo mobile phone company, and has expanded its business to a number of countries in Southeast Asia. Aside from Indonesia, J&T is available in Malaysia, Vietnam, the Philippines, and Thailand.

The founders used their previous experience to build a massive logistics network throughout Southeast Asia which is accelerating thanks to the popularity of e-commerce services.

In 2020, J&T entered the Chinese market and competed with leading rivals in logistics, including S.F. Holding, ZTO Express, as well as the Alibaba backed logistics network, JD.com.

In Indonesia, J&T is in tight competition with a number of logistics startups, including SiCepat and Ninja Xpress, both of which take advantage of the e-commerce trend to accelerate their business. J&T’s CEO, Robin Lo said at the time, logistics services from the e-commerce business contributed 50% to the company’s revenue in 2017.

E-commerce is driving the digital economy in Indonesia, which continues to grow. Based on the e-Conomy SEA 2021 research released by Google, Temasek, and Bain & Company, the e-commerce sector is still driving the digital economy with 52% or $53 billion growth.

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Original article is in Indonesian, translated by Kristin Siagian

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Valuasi J&T Express

J&T Express Dilaporkan Memperoleh Pendanaan 35,6 Triliun Rupiah, Capai Tonggak “Decacorn”

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Startup logistik J&T Express dilaporkan telah memperoleh putaran pendanaan sebesar $2,5 miliar atau setara 35,6 triliun Rupiah dengan valuasi mencapai $20 miliar (sekitar Rp285 triliun), alias sudah menyandang gelar “decacorn”. Penggalangan dana ini merupakan bagian dari rencana J&T melantai di Bursa Hong Kong pada kuartal pertama 2022.

Berdasarkan laporan Reuters, pendanaan tersebut disokong oleh sejumlah investor utama, antara lain Boyu Capital, Hillhouse Capital Group, dan Sequoia Capital China. Selain itu, perusahaan game dan internet raksasa Tiongkok, Tencent Holdings, serta SIG China dan Susquehanna International Group juga ikut berpartisipasi.

“Penggalangan dana ini dilakukan sejalan dengan langkah ekspansi J&T ke Tiongkok dan Amerika Latin, selain rencana terdaftar di bursa Hong Kong,” ungkap sejumlah sumber yang dirahasiakan ini.

Sebagaimana diketahui, J&T Express berencana mengumpulkan dana sebesar $1 miliar menjelang IPO. Bahkan, CB Insights melaporkan J&T telah menyandang status unicorn valuasi $7,8 miliar pada April lalu.

Sumber tersebut mengungkap bahwa J&T menunjuk Bank of America (BAC.N), China International Capital Corp, dan Morgan Stanley (MS.N) untuk memuluskan rencana IPO ini.

Terkait pemberitaan tersebut, sejumlah investor terlibat menolak berkomentar kepada Reuters, termasuk Tencent dan Sequioa China.

Persaingan pasar logistik

Sekadar informasi, J&T Express didirikan di 2015 oleh Jet Lee dan Tony Chen, para petinggi perusahaan ponsel Oppo, dan telah melebarkan sayap bisnis ke sejumlah negara di Asia Tenggara. Setelah Indonesia, J&T sudah hadir di Malaysia, Vietnam, Filipina, dan Thailand.

Para founder tersebut menggunakan pengalaman mereka terdahulu untuk membangun jaringan logistik besar-besaran di seluruh Asia Tenggara yang tengah terakselerasi berkat popularitas layanan e-commerce.

Di 2020, J&T masuk ke pasar Tiongkok dan bersaing dengan rival terkemuka di bidang logistik, termasuk S.F. Holding, ZTO Express, serta jaringan logistik raksasa yang dimiliki Alibaba Group dan JD.com.

Sementara di Indonesia, J&T juga bersaing ketat dengan sejumlah startup logistik, termasuk SiCepat dan Ninja Xpress, yang sama-sama memanfaatkan tren e-commerce untuk mengakselerasi bisnisnya. Menurut CEO J&T Robin Lo kala itu, jasa logistik dari bisnis e-commerce berkontribusi sebesar 50% terhadap pendapatan perusahaan di 2017.

E-commerce merupakan motor ekonomi digital di Indonesia yang terus bertumbuh hingga saat ini. Berdasarkan riset e-Conomy SEA 2021 yang dirilis Google, Temasek, dan Bain & Company, sektor e-commerce masih menjadi penggerak ekonomi digital dengan pertumbuhan 52% atau $53 miliar.

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