Fast-growing Australian logistics tech company Shippit is taking on the South East Asian market, acquiring Singaporean start-up Luwjistik in a deal worth almost $18 million.$65 million capital raise by the business earlier this year, led by Tiger Global and Tidal Ventures,On the back of the acquisition, Shippit co-founder William On will relocate to Singapore this month to head the company’s South East Asia operations.
“In Australia, it took us eight years to form partnerships with 50 carriers. Ali and [co-founder] Wong Yingming have been able to do this in 12 months because of the experience and relationships they have.”Both companies have a shared vision of connecting couriers, retailers and consumers to make the logistics sector more sustainable and efficient.
“There’s no winner takes all [in this market]. Each country has their own version of Australia Post ... we’re building the tech layer to sit on top of that ... to connect these disparate carriers.” “There’s been a correction in the market and opportunities are coming up left, right and centre. We’ve raised capital and have a bit of a war chest, so we can capitalise on those opportunities.”