Baskit announced the first close of its US$4.4 million Series A funding round led by Cento Ventures, as it looks to expand further in Indonesia and enter the Philippines as its first market beyond the country.
The round also drew participation from Kaya Founders, Analog Ventures and Orvel Ventures.
Separately, Baskit secured a US$3 million revolving credit facility from HSBC Innovation Banking.
“HSBC Innovation Banking is proud to support high-growth businesses like Baskit with tailored financing solutions from our US$ 1.5 billion funding pool.
Leveraging our presence in 10 global innovation hubs, including Singapore, and a global network of 900+ experts, we connect innovative ideas with the capital they need to scale. We’re excited to support Baskit’s Southeast Asia expansion,”
said Neil Falconer, Head of Innovation Banking, HSBC Singapore.
With this latest raise, Baskit said it has now brought in a total of US$10 million in equity funding.
The new funding will be used to strengthen Baskit’s presence in Indonesia, develop its product and financial services capabilities, and support regional expansion starting with the Philippines.
“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.
Baskit runs an AI-enabled platform for offline distribution, combining software, operational tools, payments and embedded credit.
It supports go-to-market execution across distributor, wholesaler and retail networks.
The company said it now works with more than 60 brand partners and hundreds of distributors and wholesalers across multiple categories, spanning general trade and modern retail, including retailers such as Alfamart, Circle K and Boots.
It also offers embedded credit and payments tools to improve distributor liquidity and support inventory financing, and works with partners such as HSBC and Visa on payments and treasury solutions.
Baskit reported that it has remained consistently profitable for the past 1.5 years.
Featured image: (From left)Abhishek Pansari (Co-founder & COO), Yoonjung Yi (Co-founder & CBO), Arvan Dochen (CFO), Cahyo Hadi Tanzil (CPTO), Yann Schuermans (Co-founder & CEO)
