Logistics tech startup Pickrr announced today that it has raised $12Mn in Series B round led by IIFL, Amicus Capital and Ananta Capital. Existing investors Omidyar Network India and Guild Capital also participated in this round managed by Dexter Capital.
The funding will continue to drive product development and expand its network of fulfilment centres across the country.
Founded in 2015 by Rhitiman Majumder, Gaurav Mangla and Ankit Kaushik, Pickrr is an end-to-end, plug-and-play logistics solution for ecommerce sellers and D2C brands to ship products from anywhere in India to end customers.
At the core of Pickrr’s technology lies its proprietary algorithm CALCULA, which suggests the best courier partner that can be used considering historical data on multiple parameters that helps sellers decrease RTO percentages. Additionally, the company offers RTO reduction, real-time NDR management, real-time shipment tracking, invoicing, and COD management to help bring efficiency to the seller’s logistics setup while reducing cost at the same time.
Some of the clients on Pickrr’s platform include Emami, Oziva, Healthkart and Bellavita Organics. The company recently strengthened its foothold in the warehousing segment with the launch of Pickrr Plus – an intelligent warehousing/fulfilment solution to help sellers manage their inventory without investing in a physical warehousing space or expensive WMS solutions.
Speaking on the development, Rhitiman Majumder, cofounder and CEO, Pickrr, said, “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. 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.”
The company claims to have seen a 3x jump in daily orders in 2021 with the order volume on its platform continuing to grow steadily. It currently offers its services to approximately 50,000+ sellers on its platform. Additionally, according to the company statement, it offers shipping from and to 29,000+ pin codes in India and 220 destinations across the globe. Its one-click integration with over 25 online platforms like Amazon, Shopify and WooCommerce also make Pickrr a preferred e-commerce fulfilment platform for SMBs.
At present, the logistics tech market is crowded with a lot of existing players and startups. Between 2021-26 the freight forwarding industry is expected to grow at a steady CAGR of more than 4%. Some of the players that are operating in this space include Cogoport, Rivigo, Shipsy, Shiprocket, Kale Logistics, IPO-bound Delhivery, Blackbuck, Freightwalla among others. The logistics tech sector has produced two unicorns — Delhivery and Rivigo — as the rise of ecommerce, distribution for online platforms and hyperlocal deliveries have got the innovation and investments flowing in the sector. Most of these have raised fresh funding within this year.
The Indian government has also recognised the need for stronger technology-led interventions for the increasingly critical logistics sector in the Economic Survey 2020-21. The survey proposes solutions for real-time monitoring of logistics infrastructure by integrating various existing solutions through blockchain.