Logistics tech startup Pickrr on Wednesday said it has raised USD 12 million (around Rs 85 crore) in a funding round led by IIFL, Amicus Capital and Ananta Capital. Existing investors Omidyar Network India and Guild Capital also participated in the Series B funding round managed by Dexter Capital, the company said in a statement.
The fresh funds will be utilised to drive product development and expand the network of fulfilment centres across the country, said the firm, which provides complete logistics and warehousing solutions to small and medium businesses (SMBs). Pickrr’s solutions will be able to help SMBs including retailers, marketplace sellers and D2C (direct-to-consumer) brands, to improve their delivery performance and inventory management, the statement added.
“This infusion of capital has further strengthened our path to deliver simplified solutions. Using technology to drive logistics automation, we aim to reduce delivery time for every ecommerce seller from an average of 5-6 days to 1-2 days,” said Pickrr Co-Founder and CEO Rhitiman Majumder. With access to the company’s ‘end-to-end logistics service’, anyone from a small business to a D2C brand can set-up their e-commerce operations seamlessly, he added.
“As more and more SMBs come online, the need for end-to-end logistics services like ours will grow rapidly, giving us a great opportunity to scale with our clients,” Majumder said. On the company’s investment in the logistics start-up, Amicus Capital Director Ajith Nair said, “Pickrr, with its focus on technology and execution, has enabled a number of consumer brands of different sizes to optimize their logistics operations to reach out to a larger market in a fast and cost-efficient manner.”
Similarly, Amit Mehta, Principal at IIFL Private Equity said as small businesses come online, businesses like Pickrr which streamline the post checkout experience will have a multi-decade growth runway. Stating that logistics is the backbone of Indian e-commerce, Omidyar Network India Partner Badri Pillapakkam said Pickrr has perfected a model to serve the smallest of SMEs with delivery and warehousing solutions in an asset-light and profitable manner.
“This fund-raise is a validation of their growth, and will be used for providing new offerings to Pickrr’s clients, allowing them to compete against large e-commerce marketplaces,” Pillapakkam added. Pickrr’s existing clients include Emami, Oziva, Healthkart and Bellavita Organics.