Published Mar 21, 2019, 05:08 AM JST
NEW YORK -- Ousted Uber Technologies CEO Travis Kalanick has bought into Indonesian logistics startup Kargo Technologies, marking his first known investment in an Asian startup through his 10100 venture fund.
Kalanick's fund joined a $7.6 million funding round led by Sequoia Capital India. The move was announced Wednesday by Jakarta-based Kargo, led by an Uber alumnus.
Founded in late 2018, Kargo links shippers with available trucks across Indonesia, taking up a transportation segment less explored by tech startups in the region, as the ride-hailing arena gets heated with local giants like Grab and Go-Jek rising to dominance.
The Indonesian logistics market is expected to grow to $240 billion by 2021, according to India-based Ken Research.
It is also an important link in Indonesia's growing e-commerce sector. The online commerce market there will grow as much as eightfold from 2017 to between $55 billion and $65 billion in spending by 2022, U.S.-born global consultancy McKinsey & Co. projected in a 2018 report.
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