Baskit – Investment Research Report (October 2025)
Capital-efficient B2B distribution platform for Indonesia's traditional trade ecosystem.
Latest Valuation
Seed Round (Aug 2023)
Net Revenue Run-rate
Net revenue run-rate (Q2 2025)
Total Funding
Seed Capital Raised
Founded
Profitable since Q4 2024
Current Fundraising (Series A)
Details on the ongoing round from management.
Baskit: Fundraising & Exit Scenario Tester
Adjust the sliders to model your investment and potential returns.
Scenario Output
Use of Proceeds & Runway
Post-raise, Baskit aims for >24 months of runway.
- ~20%
Product & R&D
Hire ~10 additional product / engineering / automation staff; upgrade engineering calibre; deepen internal platform (RiskWatch, CashFlow, process automation).
- ~60%
Balance Sheet & Market Expansion
Indonesia depth + Philippines entry.
- ~20%
Fintech Capital / Guarantees
First-loss / collateral to support embedded credit rails with Visa, banks, and insurers.
Process & Timeline
- Has not raised for ~2.5 years; current raise is a Series A.
- Founder has 'blitzed' ~25 concurrent data rooms in the last few days.
- Hopes to complete interviews by late Nov, with term sheets in early-mid Dec.
- Target close around Feb 2026.
Nov 2025
Heavy meetings in Singapore (Fintech Fest)
Late Nov 2025
Targeting strategic partner in Philippines
Dec 2025
Term sheet discussions
Feb 2026
Target round close
Round Size & Valuation Philosophy
- Initial ask: US$6m, but expects it to 'run up above' US$6-8m due to interest.
- Expects one lead investor plus a few follow-ons.
- Founder is not anchoring a hard valuation but indicated a US$30-40m range is likely.
- Prefers 'low-interest country money' (Japan, Korea) and expects a North Asian lead.
Capital Optionality Philosophy
Unlike cash-burning peers, Baskit wants a sane valuation to avoid being trapped in future rounds, prioritizing long-term capital access.
Founder Negotiation Notes (For Internal Use)
- Clarity and speed — prefers early ‘yes/no’ rather than extended maybes.
- Avoiding overly structured terms (e.g., punitive liquidation preferences, participating prefs).
- Keeping the cap table clean with 1 lead and a few high-conviction partners.
- Aligning with investors who understand distribution + fintech cycles and are comfortable with embedded-credit risk.
Founder & Strategy Narrative
Key insights from live conversation with management.
Founder Background & Credibility
- Founder: Yann Schuermans, ex-AB InBev.
- Spent ~a decade in APAC building and fixing distribution systems across Southeast Asia, India, and North Asia.
- Roles included CEO of multiple country markets, later Head of M&A & Strategy for AB InBev APAC.
- Involved in a ~US$5bn IPO in Hong Kong (2019), then used capital for acquisitions in Vietnam, Indonesia, Philippines.
- Relocated to Indonesia ~3–4 years ago to found Baskit, attacking offline distribution with 'non-disruptive' solutions.
Strategic Ambition & Regional Platform
Strategic ambition: build a multi-country distribution + fintech infrastructure platform, not just an Indonesian niche player.
- Baskit, profitable after ~3 years in Indonesia, is growing 2.5–3x YoY (mgt. claim).
- Indonesia alone could support a US$200–250m revenue business with 350–450 brands.
- Yann's goal is a regional platform with public market access ('capital continuity → capital markets').
- Philippines is the first expansion market, using a 'light-touch, partner-driven' rollout with Visa and existing brand relationships.
- This expansion is framed as 'perfecting the playbook' for future markets (Malaysia, Vietnam).
Business Process Flow
Visualizing the flow of goods, money, and data in Baskit's e-distribution model.
Baskit E-Distribution Flow
Default Path: Distributor, 30-day terms, insured, bank-funded AR
Brand (Supply)
Ambitious SMB Brands
Provides goods on consignment
Baskit Platform
ERP/CRM
Order Placed
Underwrite
RiskWatch
AI Risk & Limits
CashFlow
Payments & Credit
Channel Partners
Top-Layer Distributors
Orders via ERP
Fulfillment
3PL
Picks & Ships Goods
Retailer
Downstream Retail
20k+ distribution points
Financial Stack
Bank / RCF
Advances Funds
Advance
Insurer
Covers Receivables
Payment Proc.
Collects Payment
Company & Strategy
Business model, growth drivers, and technology stack.
Business Model (MAPVA)
Baskit operates a multi-layered monetization model. Here is the roadmap for its services.
What They Do & How They Make Money
- Distribution Margin: They take a percentage cut on the value of goods they help distribute.
- Financing Fees: They offer short-term credit to distributors to help them buy inventory, earning interest on these loans.
Moving
Logistics Orchestration
Accessing
ERP & CRM Tools
Payments
Embedded Finance
Visibility
Retail Analytics (6-12 mos)
Activation
In-Store Promo (12-18 mos)
Growth Drivers
- Margin on Transactions: Take-rate of ~15%+ from orchestrating distribution.
- SaaS & Platform Fees: Potential 1–3% fee on GMV or subscriptions for using the ERP/CRM.
- Financing Fees: Earn ~3–5% on trade credit extended to distributors.
- Data Monetization: Fees for providing brands with retail insights and analytics.
- Activation Services: Revenue from helping brands run trade promotions and field marketing.
Products & Tech
- Baskit Business Suite: AI-powered ERP & CRM for order, inventory, and billing management.
- Brand & Distributor Hubs: Front-end portals for brands and distributors to manage products and place orders.
- Baskit Market App: A lighter mobile app for small retailers and wholesalers.
- AI Lead Gen & Scoring: Proprietary AI tools to automate customer acquisition.
- Baskit RiskWatch: AI-powered credit risk module for financial checks and risk tiering.
- Baskit CashFlow: Embedded finance layer for payment processing and working capital solutions.
Monetization Flywheel
Acquire Brands
Onboard Distributors
Drive Transactions
Aggregate Data
Improve Credit Scoring
Strengthen Network Effect
Investment Thesis
Core arguments with bull and bear cases for each point.
Proven Traction & Capital Efficiency
Reached ~US$15M net revenue run-rate in ~2.5 years with only ~US$5.5M equity raised, profitable since Q4 2024.
Robust Unit Economics & Multi-layer Monetization
Integrated “MAPVA” platform yields industry-leading gross margins (15-20%) and rapid payback (<3.5 months).
Analyst Scoring
Geographic Revenue (2026-28F)
Financials & Projections
History (est.) and IR projections; margins and cash health; exportable tables.
Revenue & EBITDA
Est. 2022–2024 based on analyst synthesis; 2025–27 from IR forecast.
| Year | Revenue (USD) | YoY | EBITDA (USD) | EBITDA Margin | Notes | Source |
|---|---|---|---|---|---|---|
| 2022 | $0.10M | — | $-0.50M | -500% | Pilot phase | IR Deck |
| 2023 | $1.50M | +1400% | $-1.30M | -87% | Initial scale | IR Deck |
| 2024 | $6.50M | +333% | $-0.50M | -8% | Reached profitability in Q4 | IR Deck |
| 2025 | $15.00M | +131% | $0.70M | 5% | Projection | IR Deck |
| 2026 | $45.00M | +200% | $3.60M | 8% | Projection | IR Deck |
| 2027 | $100.00M | +122% | $10.00M | 10% | Projection | IR Deck |
Management Margin Targets
Forward-looking statements from founder call.
- Currently operating at mid-single to low-double-digit operating margins on a quarterly basis (already profitable).
- Medium-term (by ~2028), management targets ≥25% gross margins and low- to mid-teens net operating profit margins.
- Founder views <10% net operating profit margin at scale as a failure.
- IPO ambition: a regional platform generating US$40–50M of net operating profit.
Embedded Credit: Risk/Reward
- Borrower focus: top-layer distributors and large retailers (not long-tail warungs).
- Historical default rate: ~1–1.5% on this portfolio.
- Wide margin buffer: ~20-25% aggregate margin vs. competitor lending rates of ~2% per month.
- Uses multi-million-dollar debt facilities and trade credit insurance; founder has deliberately under-used the insurance early on to negotiate better long-term premiums.
Valuation & Comps
Funding history, valuation scenarios, and peer comparisons.
P/S Multiple — baskit vs Peers
Entry multiple of 2.3x on ~$15,000,000 run-rate.
Funding History
Total funding to date: —
| Date | Round | Amount | Lead Investors |
|---|---|---|---|
| Q1 2023 | Pre-Seed | US$1.50M | Forge Ventures, Angels |
| Mid 2023 | Seed | US$3.30M | Betatron, Forge, 1982 Ventures |
| Aug 2023 | Seed Extension | US$0.50M | Korea Investment Partners |
Key Customers
Brands onboarded and their distribution channel partners.
Selected Brands & Channel Partners
Competitive Landscape
TAM/SAM, competitor features, and market structure.
TAM / Market Opportunity
- Indonesian B2B distribution TAM is $210-280B. Baskit targets a $21B SAM.
- Initial SOM is estimated at $500-700M in Indonesia alone.
Competitor Feature Comparison
| Company | Model | Gross Margin |
|---|---|---|
| Baskit | Asset-light Orchestrator | 15-20% |
| Udaan (India) | Marketplace | ~10% |
| Ula (Indonesia) | Wholesaler | <5% (est.) |
| Bukalapak Mitra | O2O Platform | ~3-5% |
Udaan (India)
B2B e-commerce marketplace connecting manufacturers/brands with small retailers (kiranas).
Ula (Indonesia)
Tech-enabled wholesaler for warungs (mom-and-pop shops), backed by Amazon and Tencent. Has faced scaling challenges.
Bukalapak – Mitra
Publicly-listed e-commerce firm with an O2O platform enabling traditional kiosks/warungs to source inventory.
Trax (Singapore)
AI-powered retail visibility and merchandising solution for CPG brands and retailers. Competes on the 'Visibility' layer.
AwanTunai (Indonesia)
Fintech lender focusing on digitizing FMCG supply chain financing. Competes on the 'Payments/Credit' layer.
Validus (Batumbu)
Regional SME lending platform providing working capital loans. Competes on the financing slice of the supply chain.
Peer Comps & Benchmarks
Comparing business models, scale, and capital efficiency against regional and global peers.
Key Insights vs Peers
Approx. Equity Raised (US$m)
Note: Approximate values from public sources or management estimates.
Comparable Company Analysis
Bull & Bear Thesis
A detailed breakdown of the investment arguments.
Bull Case
- Strong Traction & Execution: ~US$15M ARR and profitability in ~2.5 years with high capital efficiency.
- Integrated Platform Moat: End-to-end MAPVA platform creates high switching costs and network effects.
- Profitable Unit Economics: Industry-leading gross margins (15-20% -> 25%+) and rapid CAC payback (<3.5 months).
- Massive TAM with Regional Optionality: Addressing a $21B SAM in Indonesia with a clear path to expand.
- Experienced Team: Founder-market fit with deep industry expertise and a track record of disciplined capital allocation.
Bear Case
- Scaling & Execution Strain: Founder-led success may be difficult to replicate across new geographies and a much larger team.
- Credit & Financial Risk: Default rates on trade financing could rise with scale, and dependency on external debt creates financial risk.
- Competition & Margin Pressure: New entrants or incumbent retaliation could lead to price wars and margin erosion.
- Customer Behavior Risks: Churn could rise if large brands 'graduate' from the platform and build in-house capabilities.
- Strategic & Exit Uncertainty: An IPO or M&A is not guaranteed; market sentiment could shift, impacting valuation multiples.
Risks & Catalysts
Key risk factors and potential positive catalysts to monitor.
Key Risks
- Execution & Scaling Risk: Replicating founder-led success in new cities/countries is complex and could strain operations.
- Credit Default & Financial Risk: Default rates on trade financing could rise with scale, impacting profitability and access to debt.
- Competition and Margin Pressure: Incumbents or new VC-backed players could enter, leading to price wars and reduced margins.
- Customer Behavior Risks: Churn could increase if large brands decide to in-house distribution after scaling with Baskit.
- Technology & Product Risks: System outages, data breaches, or failure to deliver new modules could erode trust and adoption.
Key Catalysts
- Successful Series A: Closing a US$6-8M round will validate the model, strengthen the balance sheet, and unlock capital for regional growth (Philippines, then broader ASEAN).
- New Large Brand Contracts: Signing a marquee multinational brand would significantly boost revenue and act as a powerful reference.
- Geographical Expansion: Formal entry into the Philippines will transform the narrative to a regional player and expand the TAM.
- New Product Module Releases: Launch of Visibility and Activation modules will unlock new, high-margin revenue streams.
- Strategic Partnerships: New alliances with banks, POS systems, or major logistics firms can accelerate growth and deepen the moat.
Ecosystem & Exit Strategy
Analysis of partners, potential acquirers, and exit scenarios.
Potential Acquirers
- Global/Regional B2B Platforms: Udaan, GrowSari
- Strategic FMCG Distributors: Indofood, Wings, DKSH
- E-commerce & Tech Giants: Amazon, Sea (Shopee), GoTo, Alibaba
- Financial Services/Fintech: Large fintechs or financing conglomerates
- Private Equity: Growth-focused PE firms
Exit Scenarios
Benchmarking against public comps and strategic value.
- Strategic M&A: Acquisition by a global e-commerce player (e.g., Amazon, Sea) or a major FMCG distributor seeking to digitize their network. Valuation likely based on a revenue multiple plus a strategic premium.
- Regional Consolidation: Merging with or acquiring another regional B2B player to create a pan-ASEAN leader, enhancing the IPO story.
- Private Equity Buyout: A sale to a PE firm attracted by Baskit's profitability and stable cash flows, likely valued on an EBITDA multiple.
- IPO: A public listing on a regional (SGX) or international exchange by 2027-28, contingent on reaching >$100M revenue with strong margins.
Ecosystem Players
| Company | Ticker | Role | Relationship | Source |
|---|---|---|---|---|
U Udaan | Private | Competitor | Indian B2B marketplace, potential future competitor in SEA. | Deck p.10 |
B Bukalapak | IDX: BUKA | Competitor | Mitra business competes in O2O for warungs. | Deck p.10 |
G GoTo Gojek Tokopedia | IDX: GOTO | Ecosystem | Potential acquirer, operates Moka POS. | Analysis |
S Sea Limited | NYSE: SE | Ecosystem | Potential acquirer via Shopee e-commerce arm. | Analysis |
I Indofood | IDX: INDF | Ecosystem | Strategic acquirer candidate (FMCG giant). | Analysis |
U Unilever Indonesia | IDX: UNVR | Ecosystem | Potential strategic partner or brand client. | Analysis |
Team, R&D & Hiring Plan (2025-2026)
Insights from management on team structure and growth.
Current Team Structure
- ~46 FTE total today (core team in Indonesia + small remote complement).
- Roughly 25% of team (~10 people) in R&D (engineering + product).
- Founder views Indonesian engineering talent as scarce/uneven; wants to upgrade talent bar.
- Tech platform is an 'internal competitive moat', like early AWS.
Planned Hiring (Next 6-18 Months)
Target: 40 → 70 FTEs
Phase 1 (0-6 months) (+10 headcount)
- Product ops / 'use-case champions' to fix process bottlenecks.
- Engineers skilled in low-code/no-code tools (e.g., n8n, Make.com) for automation.
Phase 2 (6-18 months) (+10 headcount)
- Payment-centric engineers.
- Go-to-market profiles to support 'Baskit Cashflow' and Visa partnership.
2026+ plan: add ~20–30 commercial / operations FTEs as revenue scales towards US$45–100M.
Sources & Links
Primary: Baskit IR deck (uploaded). Secondary: industry reports, reputable press, and OEM pages.
Sources
- Baskit IR Deck (PDF) — provided by user.
- Founder Call, Nov 2025 — Direct notes from management.
- Company site: Link
- Investor Decks and Memos from fundraising rounds.