Since its commercial launch in November 2022, Baskit has experienced remarkable growth, boasting month-on-month revenue growth rates exceeding 70%. This rapid expansion reflects the market's pressing need to fortify the operations of distributors and wholesalers, who face mounting competitive pressures and financial challenges in the post-Covid landscape. This "new normal" is characterised by heightened awareness but limited access to technology, shrinking profit margins, increased operational complexities due to inflation, and declining sales in certain sectors. Baskit's emergence comes at an opportune time to address these critical areas and gain rapid adoption.
Speaking on the successful raise, Yann Schuermans, CEO of Baskit said, "Trade and industry, commanding more than half of Indonesia's GDP, depend on the indispensable network of over 200,000 traditional distribution businesses. These businesses serve as the vital link connecting people with a diverse range of products, from everyday essentials like biscuits to construction materials like cement. While there may be a popular inclination to displace these intermediaries, it is not a sustainable approach considering their invaluable infrastructure and relationships. At Baskit, we are unwavering in our commitment to empower and uplift these intermediaries as they contribute to the growth and prosperity of their local communities. We firmly believe that by supporting them, we can unlock substantial long-term economic benefits for all stakeholders involved."
Khairu Rejal, Investible’s Singapore-based Investment Principal said, “We have been following the company since its pre-seed funding and the dedication of their team is contagious. We were very impressed with the founder and the team of advisors that he has put together, and his ability to execute given the short amount of time. As Indonesia’s FMCG market rapidly grows, we’re excited to follow Baskit as they are poised to make a big impact in Indonesia's supply chains.”
In relation to the use of these funds, Yann expanded, “Our ambition is to construct a platform that harmonises all the key players in the supply chain, embracing new transformative technologies but also respecting traditional norms. To achieve this, we are focused on developing cutting-edge tools that excel in functionality and usability for the SMEs we serve. With the capital raised, we will expedite the advancement of our tech roadmap and expand our presence city-by-city, consistently infusing our platform with the flexibility to accommodate Indonesia's extensive and diverse landscape.”
Baskit was founded in 2022 with the mission to enable traditional supply chains by providing commercial support and simple tools to offline distribution businesses. Indonesia’s distribution chain comprises millions of SMEs, rich in heritage and relationships, and Baskit is fully committed to supporting them in their digitisation journey. In supporting thousands of local entrepreneurs, Baskit solves major pain points for each layer of the distribution chain, creating more efficient supply chains with better visibility, efficiency, and access to financing when needed most.
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