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Teleport has signed an agreement with funds managed by HPS Investment Partners to raise USD 50 million as growth financing ahead of its IPO. These funds will be provided through the issuance of redeemable convertible perpetual securities (RCPS). The valuation of Teleport, the logistics arm of Capital A Berhad, stands at USD 500 million prior to the capital increase. This financing aims to accelerate the growth of Teleport’s unique cross-border eCommerce model on a global scale.
Growth and Market Position
Teleport plans to strengthen its financial resources and expand its network in collaboration with key partner airlines in preparation for a future IPO. Since its founding in 2018, the company has raised approximately USD 109 million in total capital. The current valuation by a leading global institutional investor is seen as a confirmation for Capital A and the various AirAsia airlines that have supported Teleport since its inception. This increased institutional confidence in Teleport’s business model demonstrates its commercial viability and sustainability as an integrated eCommerce logistics provider in Southeast Asia.
Teleport has scaled its infrastructure and asset-light network to become the number 1 in Southeast Asia, number 9 in Asia, and number 13 globally by volume. Teleport’s business model, based on a lightweight air network infrastructure, allows for cross-border eCommerce to be offered at marginal costs. The Teleport network provides the most direct point-to-point connections, reaching over 290 capitals and smaller cities in 80 countries across the Asia-Pacific region, supported by more than 50 partner airlines.
Pete Chareonwongsak, CEO of Teleport, commented on the capital increase: „We are excited to welcome HPS in our next growth phase to further expand our unique asset-light model for cross-border eCommerce and strategically penetrate key global markets.“ He thanked the 729 employees of Teleport who have excelled over the past eight years. „Together, we have built Teleport in a unique way that defies many industry standards. We have captured only 1% of a total market of USD 28 billion for air freight and cross-border eCommerce in China and Southeast Asia.“
Tony Fernandes, CEO of Capital A Berhad, described the investment as a confirmation of the company’s strategy and innovative approach. „I am thrilled that Teleport has developed into a leading provider in freight and logistics, ranking among the top players in Asia. This partnership is of great benefit to the AirAsia airlines to optimize capacities together.“ The updated valuation represents an unrealized return of over 100 times for Capital A and positions Teleport well for a future IPO.
The issuance of the RCPS by Teleport is subject to the fulfillment or waiver of the conditions set forth in the subscription agreement. BNP Paribas and Milbank acted as financial and legal advisors for Teleport, while Latham & Watkins served as legal advisor for HPS Investment Partners.
