Logistics-tech Startup Pickrr Raises $4 million In Funding Round Led By Guild Capital And Omidyar Network India The startup will use the investment to continue its market expansion and product development
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Indian logistics tech start-up Pickrr Technologies Private Limited said on Tuesday to have raised $4 million in funding in a round led by Guild Capital and Omidyar Network India.
The AI-enabled and cloud-based platform automates shipping for businesses and provides seamless multi-channel order management solutions. Having been bootstrapped by its founders, with support from angel investors, this is Pickrr's first institutional raise. The boutique investment bank Dexter Capital was the exclusive financial advisor for the transaction.
"We are delighted to be partnering with Guild Capital and Omidyar Network India. Our aim is to create a brand that online sellers use for 'anything and everything related to logistics'. This includes warehousing and fulfillment, cross border logistics, B2B logistics, and more. We are also planning to provide our tech solutions to aggregators and franchisees so that we can manage their shipments through a single end to end platform. The company's goal is to help become growth drivers to their sellers and not just logistics service providers. Pickrr also plans to enhance services that decrease the cost and the inconvenience of logistics while also helping them to increase revenues," said Rhitiman Majumdar, co-Founder, Pickrr.
The New Delhi-based platform will use the investment to continue its market expansion and product development. The core of its technology remains its smart machine learning-based algorithm called CALCULA which provides courier recommendations aimed at improving delivery performance.
"Pickrr's focus on helping small businesses get access to best-in-class logistics services resonates with our objective of helping every Indian realize the power of the internet. With Pickrr's help, micro small and medium enterprises (MSMEs) are able to digitize their shipping workflow, lower their courier rates, and most importantly improve the efficiency of delivery, which results in greater revenue. Further, its smart pricing structure allows for healthy margins in an otherwise low margin business. Pickrr's partnerships across distribution networks and its comprehensive shipping solutions fit well with our 'full-stack logistics solutions for MSMEs' investment thesis and we are excited to partner with Rhitiman, Gaurav, and Ankit and help them scale to the next level," remarked Badri Pillapakkam, partner, Omidyar Network India.
Founded in 2015 by Rhitiman Majumder, Gaurav Mangla, and Ankit Kaushik, it is an end-to-end plug-n-play logistics solution for ecommerce sellers and D2C brands that want to ship anything across the country.
"Logistics in India is a highly unorganized market ripe for technology-led disruption. Pickrr's unique SaaS platform is a full-stack logistics solution that provides smart order fulfillment and machine-learning-based courier recommendations. We believe that Pickrr will pave the way for solving logistics-related challenges for a large number of e-commerce sellers at scale. We look forward to partnering with the Omidyar network team to support Pickrr in its growth journey and help realize its vision," added Apoorv Gautam, India head and chief operating officer, Guild Capital.
With online shopping and ecommerce showing double-digit growth, the company aims to continue customer acquisition as a key driver of growth in the coming year.
With one of the largest service footprints among SaaS-based logistics providers; the company serves 26,000 pin codes and handles1.5 million shipments in a month and its volume has grown over 400 per cent year-on-year, which follows on from insistent growth over the last 12 months.
