Indonesia's Jitu Express plans to go public in the U.S., raising more than $1 billion

Indonesia's J&T Express may raise more than $1 billion in its U.S. listing , which would value the company at $5 billion, people familiar with the matter said.

It is understood that Jitu Express is headquartered in Jakarta, Indonesia . It was founded by Jet Lee and Tony Chen in 2015. It is a Southeast Asian technology-based express delivery company with Internet delivery as its core business.

In September 2020, Jitu Express's network achieved nationwide coverage of provinces and cities. At this time, Jitu Express's daily order volume was stable at more than 10 million.

As of January 2021, Jitu Express has more than 240 large transfer centers, 600 sets of intelligent sorting equipment, and 8,000 self-owned vehicles around the world. It also operates more than 23,000 outlets and has nearly 350,000 employees worldwide .

Currently, J&T's express delivery business has covered eight countries including China, Indonesia, Vietnam, Malaysia, Thailand, the Philippines, Cambodia and Singapore, serving nearly 2 billion people worldwide . It also recently launched an air cargo plane in Tangierang.

In March, rival firm Sicepat raised $170 million in a Series B round from investors including Falcon House and Kejora Capital, saying it was close to unicorn status.

People familiar with the matter said that Jitu Express is consulting consultants and may go public as early as the fourth quarter. The details of Jitu Express's IPO, including scale and timing, may change.

After this round of financing, Jitu Express is likely to surpass Indonesian telecom operator PT Indosat to become the Indonesian company with the most financing in the United States. If successfully listed, Jitu Express will also become the first Indonesian company to be listed in New York since 2019.

It is reported that J&T's partners in Indonesia include large e-commerce companies such as Tokopedia , Bukalapak and Shopee.

Online shopping caused by the epidemic has also become an important demand and driving force for logistics and warehouses. Indonesia has a population of 267 million distributed across about 7,000 islands, and the demand for express delivery services is particularly significant.

logistics

Cross-border e-commerce market

Southeast Asia