Baskit, a company dedicated to digitizing and advancing distribution businesses within Indonesia’s supply chains, has successfully secured $3.3 million in a Seed funding round. The fresh capital comes just three months after the company raised $1.5 million in a Pre-Seed round.

The latest round saw participation from a mix of regional and local investors including Betatron Venture Group, Forge Ventures, Investible, 1982 Ventures, DS/X Ventures, Orvel Ventures, and Michael Sampoerna. The investment will aid Baskit’s ambitious expansion efforts, technology stack development, and an extension into new supply chain verticals.

Since its commercial debut in November 2022, Baskit has seen substantial growth, showcasing a remarkable monthly revenue growth rate of over 70 percent. The company attributes its rapid expansion to the urgent need to strengthen distribution and wholesale operations, a necessity amplified in the wake of the Covid-19 pandemic. Baskit’s technology aims to bridge the widening gap between tech awareness and accessibility, a key challenge faced by distribution businesses amid shrinking profit margins, inflation-induced complexities, and declining sales in various sectors.

“Baskit is steadfast in its commitment to empowering the over 200,000 traditional distribution businesses that form the backbone of more than half of Indonesia’s GDP,” said Baskit’s CEO, Yann Schuermans. “By supporting these intermediaries, we aim to unlock significant long-term economic benefits for all stakeholders in the supply chain.”

Backing Baskit’s contrarian approach to working with traditional players, Arshad Chowdhury, Managing Partner at Betatron Venture Group, noted. “Tomorrow’s winners find ways to work with rather than against them.”

Forge Ventures, which led Baskit’s previous round, reiterated its support. “Baskit’s relentless pursuit of enabling the supply chain industry with technology aligns with our investment thesis. We are impressed by the team’s dedication and are honored to support them in their mission,” said Tiang Lim Foo, Partner at Forge Ventures.

Baskit plans to utilize the newly-raised funds to expedite its tech roadmap and extend its reach within Indonesia. “Our goal is to harmonize the supply chain, embracing transformative technologies while respecting traditional norms,” Schuermans explained. “To achieve this, we are developing cutting-edge tools that will be both functional and user-friendly for the SMEs we serve.”

Baskit was founded in 2022 to simplify and support traditional supply chains. By helping SMEs in their digital transformation, Baskit aims to create more efficient supply chains, offering better visibility, efficiency, and access to financing.