Bengaluru-based logistic-tech startup StackBox on Tuesday said it has raised USD 1.2 million (about Rs 8.9 crore) in funding led by Ecosystem Ventures. The round also saw participation from LetsVenture and existing investors, a statement said. StackBox had previously raised Rs 5 crore. With the fresh funding, the company plans to set up more fulfillment centres to service customers in different geographies and tech development.
StackBox helps FMCG companies solve their B2B last-mile fulfillment problem and have mapped more than 2 million retailers. The company has enabled delivery planning automation using routing algorithms, AI-led optimisation using ground-level large data sets, pre-packaging infrastructure, and multi-brand last-mile micro fulfillment centres. The Sequoia Scout-backed startup was founded by Venktesh Kumar, Nitin Mamodia, Shanmukha Boora, and Sabyasachi Bhattacharjee in 2019, and has seen its revenue grow 4X in the last 12 months. The company is operational in Hyderabad and Delhi NCR and delivers more than 70,000 orders of retailers per month.
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It is already working with companies like P&G, ITC, Flipkart, Unilever, Britannia, Del Monte and others. “We believe there are a lot of inefficiencies in the current FMCG market as no one has used technology to solve this problem at scale. We are building a lot of tech solutions to optimise various aspects of the distribution value chain for India and global markets, StackBox Managing Director Venktesh Kumar said.
StackBox co-founder Nitin Mamodia added that the company is helping distributors in managing their working capital efficiently and also improve the distribution ROI by 3X-4X as it reduces distribution costs by 20 per cent apart from giving real-time visibility on demand and inventories. “StackBox not only has a huge opportunity to capture the USD 51 billion Indian FMCG retail market but is also making inroads into international markets with their FMCG focused last-mile distribution solutions,” Abhijeet Bhandari, co-founder of Ecosystem Ventures, said.