Blitz Raises Additional $1.6 Million in Oversubscribed Seed Extension Funding to Accelerate AI and EV Logistics Expansion Across Indonesia
This is Blitz's third round of funding since commencing operations in 2022. The company secured additional funding across Q3 2023 and Q1 2024 from notable international and regional investors, including ADB Ventures, Iterative VC, FiveFortyAlpha, Third Derivative, BonBillo Fund, Bansea Fund, and Satvik Investments.
JAKARTA, Indonesia, SINGAPORE and KUALA LUMPUR, Malaysia, March 19, 2024 /PRNewswire/ -- Blitz Electric Mobility ("Blitz"), a trailblazer in the Asian Pacific electric vehicle (EV) logistics sector, proudly announces the successful closure of its oversubscribed seed extension funding round across Q3 2023 and Q1 2024, securing USD 1.6 million from eminent investors including ADB Ventures, Iterative VC, FiveFortyAlpha, Third Derivative, BonBillo Fund, Bansea, and Satvik Investments, with ADB Ventures leading the round. This brings Blitz's total funding to date to USD 2.6 million. The latest fund injection accelerates Blitz's expansion across Indonesia, strengthening its position as the country's leading EV logistics enabler.
First conceptualised in 2019 by ex-Hyperloop engineer Saivya Chauhan, Blitz has rapidly become a dominant force in the APAC EV logistics market. The company operates nationally in 20 Indonesian cities and collaborates with over 30 enterprise clients across eight industry segments, including Lazada, BliBli, eFishery, JNE, Zalora, and SayurBox. Blitz's innovative approach to delivery services, primarily conducted using electric vehicles, underlines its commitment to sustainability and efficiency.
Blitz's success stems from its unique white-labelling business model and driver optimisation-focused approach to last-mile delivery. This model allows Blitz's clients to use its state-of-the-art logistics technology, operations, and EV fleets under their brand, enhancing delivery efficiency and providing a seamless brand experience without requiring substantial infrastructure investments. Blitz's AI-powered tech stack and EV fleets guarantee 99%+ delivery SLA completion with up to 16% shorter delivery times and 33% higher income than traditional gig workers.
Blitz's innovative B2B model, characterised by its asset-light approach, sets it apart from conventional logistics providers. The company collaborates with EV OEMs, facilitating extended lease arrangements funded directly from courier earnings. This unique strategy enables couriers to acquire their EVs and ensures Blitz remains capital-efficient. With a broad spectrum of services, Blitz has emerged as a reliable partner in the e-commerce, grocery, logistics, and healthcare sectors.
The company's AI-powered driver management system optimises delivery operations, increasing driver performance and earnings. As of this writing, Blitz boasts 27x in year-on-year revenue growth and has completed 6 million deliveries on green vehicles, reducing carbon emissions by more than 10 million kilograms.
In 2024, Blitz aims to expand to 40 cities in Indonesia, targeting 2 million green deliveries a month. Central to Blitz's mission is the drive for social and environmental change, focusing on maximising driver income and job security while reducing the logistics industry's carbon footprint.
As Blitz rapidly expands within Indonesia and sets its sights on SEA, plans include trading carbon credits related to its emission-reducing activities. The company aims to become certified to sell carbon credits locally and internationally, furthering its commitment to environmental stewardship.
Regarding the funding round, Charles Cole Navarro, Investment Specialist at ADB Ventures, highlighted Blitz's high growth potential: "The transformation of the logistics sector is essential to reducing carbon emissions and air pollution in Southeast Asia. Last-mile transportation and logistics is an area of interest because it has grown significantly alongside e-commerce and the broader convenience economy over the past five years. Blitz's significant monthly growth, high execution capability of its founding team, and its aim to increase last-mile delivery operations' efficiency and facilitate the transition to electric vehicles positioned it as an attractive investment for ADB Ventures."
Saivya Chauhan, Founder and CEO of Blitz Holdings, said, "Celebrating the success of our second funding round is not just about capital; it is a testament to our potential to revolutionise logistics. From the get-go, our focus has been to redefine industry standards and empower clients and couriers alike. We are not just redefining the industry but setting new social and environmental standards. With bold plans for domestic growth, our journey is an invitation to everyone who shares our vision of positive change and innovation."
Charles Chai, COO and Director of Blitz Indonesia, said, "I'm excited about Blitz's trajectory post-funding. We're committed to operational excellence and cutting-edge tech. These funds will fuel domestic expansion and support our vision for positive change and innovation in logistics. I want to thank our investors, stakeholders, and the team for their crucial support."
Blitz Electric Mobility invites everyone who shares its vision of innovative and positive change to join its journey of transforming logistics in Southeast Asia. For more information, visit https://www.rideblitz.com/.
About Blitz Electric Mobility
Blitz is a data-driven logistic enabler in SEA. Enterprises from various industries private label Blitz's services, incorporating Blitz's logistic tech stack, operations, and EV fleets to enhance their delivery efficiency and margins.
SOURCE Blitz
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