SUMMARY
The round also saw participation from JAFCO Asia and other investors
The Gurgaon-headquartered startup will use the fresh funds to expand its client base, warehousing and logistics network
The startup claims to have seen its warehousing footprint and client base grow by 10X since its last funding round
Supplytech startup Prozo has raised INR 45 Cr ($5.4 Mn) in a Pre-Series B round via a combination of equity and debt financing led by Sixth Sense Ventures.
The round also saw participation from JAFCO Asia and other investors.
The Gurgaon-headquartered startup will use the fresh funds to expand its client base, warehousing and logistics network, and deepen its Prozo Warehousing & Logistics (“PWLP”) SaaS platform.
Founded by Dr Ashvini Jakhar in 2015, the startup claims to enable fast fulfilment through its pan-India warehousing and freight network to companies of all sizes across B2B, D2C, and B2C segments on a pay-per-use model.
The startup is currently offering supply chain services to nearly 100 brands through its network of 30 omni-channel fulfilment centres spread over 15,00,000 sq ft across 12 locations.
“Prozo is like an operating system of supply chains wherein brands of all sizes can customize their supply chain, leveraging Prozo’s fulfilment and logistics network. Just like companies don’t set up their own servers these days but opt for AWS-like services, companies don’t need to set up their own supply chains, but opt for a full-stack, enterprise-grade, pay-per-use supply chain partner like Prozo,” Ashvini Jakhar, founder and CEO of Prozo said.
The startup claims to have witnessed its warehousing footprint and client base grow by 10X since its last funding round when it raised INR 76 Cr in its Series A funding round. The round was led by Sixth Sense Ventures in March 2022. Adding the latest round, Prozo has raised INR 131 Cr funding till date.
The logistics sector has gained the attention of the government as well investors in recent times. Last year, the government launched the National Logistics Policy (NLP) to ensure quick last mile delivery, end transport-related challenges, save time and money of the manufacturers, prevent wastage of the agro-products, among others.
Further, India’s overall intercity road logistics market is poised to be worth $299 Bn by 2025, according to Inc42’s ‘The State of Indian Startup Ecosystem Report 2022’.
The segment has gained investors attention too lately. For instance, logistics startup Locad raised $11 Mn in a Series A funding round led by Reefknot Investments, a fund led by Temasek and Kuehne & Nagel. Earlier this month, digital freight management startup Freightify too raised $12 Mn in a Series A, debt and equity investment round.
