TransTRACK.ID raises SGD 750k to make Indonesian roads safer
TransTRACK.ID, the Indonesian, next-generation fleet management platform, today announced an SGD 750k seed financing round. Led by Singapore-based, early-stage venture capital firm Cocoon Capital, the round was also joined by the Indonesian Women Empowerment Fund (IWEF). TransTRACK.ID also recently graduated and received investment from Accelerating Asia, the Singapore-based accelerator VC.
There are over 62 million commercial vehicles in Indonesia, but only 2% of them are connected to a Fleet Management System (FMS). Without an FMS, fleet managers have a limited oversight of their fleet, adding to a range of issues including higher maintenance and fuel cost, poor service delivery, theft, misuse of vehicles and frequent accidents.
TransTRACK.ID offers an all-in-one, fleet telematics solution to help the logistics industry optimise fleet operations. The TransTRACK.ID platform collects and analyses real-time telemetry data such as geolocation, fuel level, mileage, and maintenance alerts for each vehicle.
With accurate data on hand, fleet managers and drivers can now make informed decisions to streamline inventory management, deliveries and maintenance processes. The software can also be easily integrated with over 1,000 existing GPS devices to obtain performance and driver behavioural data. Additionally, TransTRACK.ID provides insurance coverage to its customers, offering an added level of assurance for drivers.
Founded in 2019, the company has achieved significant growth, supporting thousands of vehicles in Indonesia. With TransTRACK.ID, fleet owners have reported a 25% drop in fuel expenses and up to a 20% increase in vehicle utilisation, saving them thousands of dollars per month. TransTRACK.ID will use the funds to scale product development and expand its network of partners across Indonesia to dominate the market.
“Our ultimate mission is to make Indonesia’s roads safer and more efficient. The COVID-19 lockdowns have led to a significant reduction in fleet use, which makes it even more important that every trip is optimised. TransTRACK.ID supports fleet managers across the country to improve productivity and utilisation, helping them reduce costs and improve margins”, said Anggia Meisesari, CEO and Co-founder of TransTRACK.ID.
“The logistics industry is at an inflexion point of digitisation and Southeast Asia has one of the highest growth rates in telematics adoption. Cocoon Capital is very excited to join Anggia, Pujud and their team in the journey to to streamline the USD 150bn road freight logistics market in Indonesia”, said Michael Blakey, Managing Partner at Cocoon Capital. Blakey recently joined the TransTRACK.ID board of directors.
“TransTRACK.ID has incredible early traction and is the perfect team to lead Indonesia’s accelerating digitisation of its logistics networks. Accelerating Asia is proud to be an investor and supporter of Anggia, Pujud and the team as they layer their fleet telematics solution on an industry which is growing in Indonesia at a rate of over 10% annually”, said Craig Dixon, General Partner at Accelerating Asia.