Jakarta Startup Baskit Raises $4.4 Million for Philippines Expansion

Jakarta-based supply chain technology startup Baskit has raised $4.4 million to bring its offline retail distribution system to the Philippines, according to Manila-based early venture capital firm and backer Kaya Founders and Singapore-based Cento Ventures.

The Indonesian firm closed the Series A first close led by Kaya Founders, Centro Ventures, Analog Ventures, and Orvel Ventures.

HSBC Innovation Banking also extended a $3 million revolving credit line, boosting the company's total funding since 2023 to $9.9 million.

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With a Philippine VC firm leading the investment round, Manila is poised to be Baskit's first market outside Indonesia and a sign of regional neighbors hedging their bets on the Filipino retail industry.

Baskit helps brands get their products onto physical store shelves by managing distributors and wholesalers in between, as well as financing them to do so.

Industry data shows that 90 percent of trade in Southeast Asia still flows through offline channels, which for most brands is an expensive endeavor.

The Indonesian startup already works with more than 60 brands, including major retail chains such as Alfamart, Circle K, and Boots. It has also been profitable for a year and a half, which isn't always a given for startups in emerging markets.

"We are particularly excited to partner with a mature, fintech-focused investor like Cento Ventures, whose deep

expertise in scaling regional financial platforms aligns with our vision for embedded credit and financial

services across supply chains," said Yann Schuermans, CEO and Co-Founder of Baskit.

"Indonesia is our stronghold, and the Philippines is our next chapter." We are building a

company that can define how offline commerce scales in fragmented markets."

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