Indonesian Enterprise Baskit Raises $3.3 Million in Seed Funding

Baskit, a firm dedicated to digitising and developing distribution enterprises inside Indonesia's supply chains, has raised $3.3 million in seed funding. The latest round of funding comes only three months after the company raised $1.5 million in a Pre-Seed round.

Betatron Venture Group, Forge Ventures, Investible, 1982 Ventures, DS/X Ventures, Orvel Ventures, and Michael Sampoerna were among the regional and local investors who participated in the newest round. Baskit's ambitious expansion plans, technological stack development, and entry into new supply chain verticals will benefit from the funding.

Baskit has enjoyed significant growth since its commercial debut in November 2022, with a stunning monthly revenue growth rate of more than 70%. The company credits its rapid growth to the urgent need to expand distribution and wholesale operations, which was exacerbated by the Covid-19 outbreak. Baskit's technology strives to bridge the growing gap between digital awareness and accessibility, a major difficulty for distribution organisations in the face of falling profit margins, inflation-induced complications, and declining sales in a variety of industries.

"Baskit is steadfast in its commitment to empowering the over 200,000 traditional distribution businesses that form the backbone of more than half of Indonesia's GDP," stated Yann Schuermans, CEO of Baskit. "By assisting these intermediaries, we hope to unlock significant long-term economic benefits for all supply chain stakeholders."

Arshad Chowdhury, Managing Partner at Betatron Venture Group, backed Baskit's unconventional approach to working with traditional players. "Tomorrow's winners find ways to work with them rather than against them."