Waresix
Digital trucking and warehousing network linking shippers across Indonesia's islands.
On the record
Checkpoint: Clarification of the unexplained June 2025 'Series B-IV' tranche or a new priced funding round
The call
Waresix runs a real logistics network in a market with no clear winner yet, coexisting with several well-funded rivals while its own financial health stays unclear.
Waresix runs a real network of trucks and warehouses across Indonesia's 17,000 islands, serving 1,500+ large businesses. It is hard to copy quickly because physical assets take time and money to build, and once a big customer uses Waresix, switching is annoying. However, four or five other companies (Logisly, Ritase, Shipper, Deliveree, Kargo) are doing almost exactly the same thing in the same country with lots of funding, so there is no clear winner yet. The company has raised roughly $163 to $189 million but made only $21 million in revenue in 2024, raising the question of whether it will ever make money. The one thing that could change everything is a major funding event or a public listing by one of the rival companies, which would show whether this market can actually support a profitable business or if it will stay crowded and unprofitable forever.
Why
01
AI pressure: Generic AI routing and freight-matching tools (no single named lab). AI can sharpen route and load matching, but it cannot own trucks, warehouses, or client contracts, so it stays an add-on for now. Could AI do the core job? Only partly.
02
Bigger players: None apparent. No global or big-tech logistics giant has moved directly into Indonesian trucking; pressure comes from local peers, not giants. Could a giant copy it? Probably.
03
What protects it. A real fleet, warehouse footprint, and 1,500+ enterprise clients across a hard, fragmented archipelago that software alone can't replicate fast.
What would change this call
Waresix announces a new parent-level funding round with a disclosed valuation. Shows whether the April 2022 $420M mark still holds or has fallen.
Logisly or Shipper announces a fleet size, funding round, or enterprise client count larger than Waresix's within 6 months. Would show a peer pulling ahead in the fragmented Indonesian logistics market.
Waresix, Logisly, Ritase, Shipper, or Deliveree announces an acquisition of another peer in this group. Would show market consolidation and reveal which company is strong enough to be the acquirer.
Logisly or Shipper announces a fleet size, funding round, or enterprise client count larger than Waresix's within 6 months. Would show a peer pulling ahead in the fragmented Indonesian logistics market.
Waresix, Logisly, Ritase, Shipper, or Deliveree announces an acquisition of another peer in this group. Would show market consolidation and reveal which company is strong enough to be the acquirer.
Key numbers
- $100M raised in Series B round
- $420M valuation in Series B extension
- 250+ enterprise clients incl. Unilever, Indofood
Named risks
- No verified parent-level profitability or audited revenue disclosed as of mid-2026.
- Headcount contraction from ~369 (2022) to ~267 (2026) suggests belt-tightening not growth.
- Five-way fragmented competition with Logisly, Ritase, Shipper, Deliveree, Kargo with no clear leader.
- Poor capital efficiency: $163M-$189M raised against ~$21M estimated 2024 revenue.
- AI-driven routing and matching automation at global incumbents could commoditize the software layer.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Logisly | losing to | Logisly claims 100,000+ trucks and 800+ clients (vendor-claimed, undated) versus Waresix's last disclosed 50,000+ fleets (2023-08) |
| Ritase | contesting | Ritase (founded 2016) discloses only ~$8.5M raised versus Waresix's $163M, but both compete for the same shipper base |
| Deliveree | contesting | Regional Indonesian logistics-tech peer named alongside Waresix and Shipper in 2020-09-10 funding coverage |
| Shipper | contesting | Named as a direct Indonesian trucking-tech competitor in 2020-09-10 AgFunderNews report |
| Kargo Technologies | contesting | Mentioned alongside Waresix and Shipper as an Indonesian trucking-tech competitor (2020-09-10) |
Questions people ask
- Is Waresix profitable in 2026?
- Waresix claimed net-income positivity on parts of its business since June 2019, but no audited parent-level profit or revenue figures have been disclosed. Estimates put 2024 revenue near $21.4M against $163M to $189M raised, so overall parent profitability remains unconfirmed as of mid-2026.
- Could AI replace Waresix?
- AI can automate route optimization and truck-warehouse matching, workflows global players like Walmart, Amazon, DHL and Maersk already run at scale (2025-07-23). But Waresix's physical network of 50,000+ trucks and 150,000 sqm of warehouses across Indonesia's islands, plus enterprise contracts, cannot be replicated by software alone.
- Who is Waresix's biggest competitor?
- Waresix competes with four to five funded Indonesian logistics-tech peers: Logisly, which claims 100,000+ trucks and 800+ clients (vendor-claimed, undated), Ritase, Deliveree, Shipper, and Kargo Technologies, with no independently verified market leader among them as of 2026.
- Who owns Waresix?
- Waresix is privately held and venture-backed, with investors including East Ventures, EV Growth, SoftBank Ventures Asia, Emtek, Tiger Global, and Temasek Holdings. Its April 2022 Series B extension valued the company at about $420M; the parent itself has not gone public as of mid-2026.
- Did Waresix go public?
- Not the parent. Its subsidiary BSA Logistics Indonesia listed on the Indonesia Stock Exchange around April 2026, opening 34% above its offer price and getting oversubscribed roughly 387 times, implying a subsidiary valuation near Rp2 trillion (about $114M). Waresix the parent group remains privately held.
- How much money has Waresix raised in total?
- CB Insights records $163M raised across 9 rounds as of a June 2025 update, including a $100M Series B (September 2020) and a $30M Tiger Global tranche (April 2022). Other trackers cite $179M to $189M, with figures disagreeing across sources as of April 2026.
Timeline
- 2026-04Subsidiary BSA Logistics Indonesia IPOs on IDX, opens 34% above offer price, oversubscribed ~387x
- 2025-06-19CB Insights records unexplained 'Series B-IV' funding tranche
- 2024-12Aggregator estimates 2024 revenue near $21.4M and headcount near 322
- 2023-08Endeavor profile cites platform managing 50,000+ fleets, 150,000 sqm warehouse space, 1,500+ customers
- 2022-04Series B extension values company at approximately $420M; Tiger Global invests $30M for >8% stake
- 2022Acquires Siberat Digital Logistik, BSA Logistics Indonesia, and Beruang Maritim Indonesia
- 2020-12Acquires Trukita, a first-mile freight company
- 2020-09Closes ~$100M Series B led by SoftBank Ventures Asia, Emtek, Pavilion Capital, Redbadge Pacific
- 2019-07-04Raises $14.5M Series A led by EV Growth
- 2018-10Raises ~$1.6M pre-Series A from East Ventures and Monk's Hill Ventures
Revision history
30 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Waresix Solved Indonesia's Logistics Issues with Freight Service (2019-04-15)
- How Much Did waresix Raise? (2026-05-25)
- Waresix Raises US$14.5 Million in Series A Funding Round (2019-07-04)
- Waresix closes US$100 million fundraising (2020-09-15)
- Waresix - Overview, News & Similar companies (2026-07-15)
- Waresix Stock Price, Funding, Valuation, Revenue (2025-06-18)
- Waresix - $189M Raised (2026-04-22)
- $21.4M Est. ARR, $129M Raised (2024-12-19)
- How Does waresix Company Work? (2025-07-12)
- Indonesian Logistics Tech Startup Waresix Closes c.US$100 Million Fundraising (2020-09-09)
- Endeavor Indonesia (2023-08-21)
- Waresix 2026 Company Profile