SINGAPORE – Home-grown haulage start-up Haulio said it had acquired a majority stake in Logol, an Indonesian digital logistics platform.
The firm, which did not want to disclose how much its first overseas acquisition was worth, said on Tuesday this came as part of its bid to expand its presence across South-east Asia.
It said the acquisition would help it to secure an early presence in the Indonesian market and expand its businesses to include other digital logistics solutions that Logol offers.
Haulio chief executive and co-founder Alvin Ea said: “We believe this is the right time and right business fit to help build a strong foundation for our business to scale up in digitalising the sector in South-east Asia. We see the potential to tap on the current wave of logistics businesses moving from offline to online.”
He said the acquisition will help to fast-track the start-up’s growth by adding 2,000 vehicles to its current…
