Indonesian shipping startup J&T Express has launched a new round of expansion with the $136 million purchase of land for an integrated logistics centre in Malaysia.
The expansion follows $2.5 billion in venture capital investment the company received in 2021, making it the startup that collected the most VC funding within one round, according to McKinsey.
Founded in 2015, J&T Express now spans 12 countries, including China, Indonesia, Vietnam, Malaysia, Thailand, Philippines, Cambodia and Singapore.
Its 30-acre plot in Selango is expected to allow J&T Express to build a smart logistics facility to cater to the growing demands of the burgeoning e-commerce industry in the Southeast Asia region, Roy Zeng, chief executive, said.
“In doing this, we hope to drive the development of the local economy, provide jobs for the community, and play an active role in the development of the local logistics industry and the long-term development of the community,” he added.
J&T Express is among several global and regional logistics groups to attract funding since last year.
Asian startup Lalamov received $1.5 billion in January 2021. US-based Project44, received funding of $202 million, valuing the company at $1.2 billion, while another US group, Flexport, collected $935 million in February 2022.
- George Russell