SUPPLY chain startup Baskit raised US$3.3 million (S$4.5 million) in a seed round on Tuesday (Jun 27). 

The lead investor for the round was venture capital firm Betatron Venture Group, with Forge Ventures also participating, along with Indonesian tobacco tycoon, Michael Sampoerna.

This comes shortly after Baskit’s US$1.5 million (S$2 million) pre-seed funding in March, led by Forge Ventures.

Launched in November 2022, the startup has three main service offerings: support to hire salespeople and manage inventory virtually, and the providing and managing of a digital marketplace of distributors and a platform to access financial institutions for working capital loans and purchase order financing.

The business-to-business (B2B) company provides technology and commercial support to distributors and wholesalers in Indonesia, including to small and medium-sized enterprises (SMEs).

With month-on-month revenue growth exceeding 70 per cent since its launch, the company’s rapid growth shows an increasing need for tech solutions within Indonesia’s supply-chain sector, said Baskit chief executive Yann Schuermans.

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Today, Baskit partners with more than 50 distributors and serves hundreds of bulk buyers on the marketplace platform.

The company’s business model relies on platform-service fees and revenue share from its clients’ increased revenue. It also attains revenue share when customers receive financing from financial institution partners.

The funds are used to expand to more cities and develop its technology infrastructure.