Leading Australian logistics technology platform, Shippit has acquired Southeast Asian start-up,Luwjistik, which enables freight forwarders, couriers and third-party logistics companies to connect into network partners globally.
The deal is worth $18 million and sees Shippit co-founder and co-CEO, William On relocate to Singapore to head up the SEA operation, and a team of 50.
Through the acquisition, Shippit, which has been operating in Southeast Asia since 2020, will double-down on growth in the region, including in its enterprise customers, by leveraging Luwjistik’s technology, local relationships and expertise.
“Adding Luwjistik to the Shippit group bolsters our team with co-founders who possess significant industry knowledge and relationships that will transform our go-to-market strategy in the region,” On said.
“Ali, Yingming and the entire Luwjistik team share the same vision for ecommerce and bringing retailers, carriers and customers closer together. This strategic move will expand our growing and scaling business through product localisation and new market entry beyond Singapore.
“By offering multi-partner shipping from Luwjistik’s carrier partners, it’ll also enable us to diversify our offering; enabling small-to-medium sized logistics providers to expand their reach by accessing Luwjistik network partners. It’ll also enable us to explore and execute key partnerships in the region.”
Luwjistik counts carriers such as Ninja Van, J&T Express, and JNE Express as network partners on its platform and provides solutions for major logistics players in the region including Maersk, POS Malaysia, Lion Parcel and Gushcloud’s social commerce arm, Summer International.
Luwjistik co-founder and CEO, Syed Ali Ridha Madihid added, “This is a hugely significant moment for Luwjistik, a company which is barely a year old, to be recognised for its vision and efforts in elevating the logistics and retail sectors in Southeast Asia.
“We started Luwjistik because we saw technology as the solution to many of the industry’s longer-term challenges. It is a similar mission that powers Shippit; using technology and digital transformation to provide faster, more efficient, and secure solutions that bring the entire supply chain closer together. There has never been a more transformative, and exciting period for the logistics sector, and together with Shippit we’re able to make our collective vision a reality.”