Adi Sarana Armada (ASSA) Injects US$3.8 Million into Coldspace
2025-04-26 14:46:45
KONTAN.CO.ID – JAKARTA. Coldspace, an integrated cold chain solutions provider in Indonesia, has announced the completion of its initial funding round amounting to US$3.8 million. The round was led by Intudo Ventures, PT Adi Sarana Armada Tbk (ASSA), and the Triputra Group, with participation from MKA and ITS.
ASSA’s investment in the Coldspace startup through its subsidiary, PT Adi Sarana Investindo (ASI), further strengthens the Company’s logistics business prospects.
“As a group, Coldspace will synergize with other subsidiaries within the ASSA Group, including ASSA Logistics, Anteraja, and Titipaja, enabling us to provide continuous cold chain services from first mile to last mile, all the way to end customers or businesses. We are interested in investing in Coldspace to further integrate ASSA’s cold chain solutions, because although they are a startup, they have already demonstrated healthy performance,” said ASSA CEO Prodjo Sunarjanto, as quoted from an official statement received by Kontan.co.id on Wednesday (2/5).
To further complement and strengthen ASSA’s end-to-end logistics services business, which began in 2006, the Company injected IDR 10 billion into ASI for investment in Coldspace. Established in December 2022, Coldspace is an integrated end-to-end cold chain solutions provider in Indonesia.
With this first external funding round, Coldspace plans to expand its service capacity, including increasing cold storage capacity, reefer trucks, fulfillment capabilities, and geographic expansion. The company also plans to launch a suite of management solutions to help customers manage and track their products, including a Warehouse Management System (WMS) and Transportation Management System (TMS). These solutions will be offered as free value-added services to help analyze operations, provide training, and improve service quality.
“We are pleased to participate in Coldspace’s funding round. As a venture capital firm focused on investing in Indonesian startups, we see the business ideas and concepts developed by this company as highly promising and believe they will become a reliable pioneer in providing integrated end-to-end cold chain solutions,” said Patrick Yip, Founding Partner of Intudo Ventures.
“Coldspace aims to become the first end-to-end cold chain solution in Indonesia serving both B2B and B2C customers, enabling businesses to scale quickly and operate agilely at their distribution points. We plan to scale rapidly by leveraging the logistics ecosystem of our strategic investors to deliver best-in-class operational excellence and competitive pricing,” said Arnold Giovanni, Co-Founder and CEO of Coldspace.
Cold chain solutions are in high demand in Indonesia. With its tropical climate and archipelagic geography, the country experiences significant food loss and waste, as well as spoilage of temperature-controlled cargo such as food, beverages, and pharmaceuticals.
At the same time, Indonesia’s continuously growing GDP and the emergence of a new middle class have driven rapid demand growth for packaged food and beverages, which must be handled and stored in temperature-controlled facilities to maintain freshness and protect businesses from inventory losses.
As a result, the outlook for the cold chain business continues to improve, especially given the limited number of integrated players in the market.
“We are always enthusiastic about exploring new opportunities while carefully considering current market needs and conditions. Given Indonesia’s economic and geographic landscape, the potential for cold chain solutions is highly promising. Therefore, through this first external funding round, we aim to ensure the smooth operation of Coldspace’s business,” said Erida Djuhandi, CFO of the Triputra Group.
In line with the development of integrated cold chain solutions, in 2021 ASSA, through PT Adi Sarana Logistik, established a shared warehousing or “e-fulfillment” business called Titipaja. Titipaja currently operates six warehouses across five cities (Medan, Palembang, Jakarta, Bandung, and Surabaya), some of which provide frozen food storage facilities operated by Coldspace.
Meanwhile, for delivery services, Anteraja introduced specialized couriers last year dedicated to cold and frozen food deliveries.
As a result, ASSA, through its various subsidiaries, now possesses the assets required to support an integrated cold chain solution—from reefer trucks and cold storage facilities to cold delivery services powered by Anteraja.
