Ambitious Malaysian logistics operator Teleport has confirmed securing USD50 million from undisclosed "large institutional investors" to fund the acquisition and induction of additional aircraft, the development of infrastructure in new hubs, and technological upgrades.
Teleport is the logistics company of Capital A (formerly known as AirAsia Group), the business group behind AirAsia (AK, Kuala Lumpur International). Since starting up in 2018, Teleport has captured 9% of the intra-Southeast Asian cargo market, primarily by providing value-for-money e-commerce parcel deliveries in tandem with on-the-ground last-mile delivery partners and airlines like AirAsia and K-Mile Asia (8K, Bangkok Suvarnabhumi) who operate aircraft for and on behalf of Teleport.
"Today we are profitable, larger, and growing faster than pre-COVID. We are battle-tested and believe a challenging environment is the perfect opportunity to build the leading cross-border logistics company in Southeast Asia,” said Teleport CEO Pete Chareonwongsak. “Key to Teleport’s leadership in the next three years is the extension of our network coverage by air with the induction of A321-200(P2F) freighters starting in 1Q 2023."
These three A321Fs will arrive on lease from BBAM and will be operated by AirAsia. Chareonwongsak said some of the funds from the latest capital raising will be used to induct these aircraft. "We are proud to see the latest development and that top-tier investors are beginning to buy into our vision of becoming the best logistics player in ASEAN," added Capital A CEO Tony Fernandes.
Teleport recorded 3Q 2022 EBITDA of MYR5.1 million ringgits (USD1.15 million) and recently launched a flat-fee overnight parcel delivery service between Malaysia and Singapore that is undercutting competitors. There are also plans to roll this service out to other Southeast Asian countries.
