Gurgaon-based on demand B2B hyperlocal logistics startup, Pickingo has raised $1.3 Mn in a funding round led by Orios Venture Partners along with angel investor Zishaan Hayath also participating.
With the raised funds, Pickingo plans to expand to more than 20 Tier I cities by the end of this year.
Co-founded by IIT and IIM graduates Rahul Gill, Piyush Sharma, Rishav Papneja, Atul Mittal and Siddharth Maheswari in 2014, Pickingo is an on demand B2B hyperlocal delivery service startup with its presence in six cities including Delhi-NCR, Mumbai, Bangalore, Pune, Jaipur and Hyderabad. The startup picks deliveries from neighbourhood stores and streamlines the process for the end consumer.
The startup started off doing reverse-pickups for large e-commerce players such as Jabong, Snapdeal, Shopclues and Paytm and remains its direct delivery partner for its hyperlocal model. With further plans, Pickingo, might also cash on Flipkart’s newly launched self pick-up stores which will enable on-demand hyperlocal delivery for the startup.
Presently, the startup has more than 300 restaurants, groceries and pharmacies have signed up with Pickingo, which does around 3,000 deliveries per day for ecommerce reverse pick up and 700 deliveries in hyperlocal segment with a delivery strength of 300 people.
The on-demand logistic domain has disrupted in a unique way. It has given rise to more than 40 hyperlocal delivery startups this year. Pickingo,which looks at 8-10% of the total food and grocery delivery market competes directly with players like Townrush and Roadrunnr.
Just last month, B2B logistics delivery startups Townrush raised seed funding from Lightspeed and Roadrunnr raised $11 Mn in Series A funding from Sequoia, Nexus and Blume Ventures. The other players in this space include Grofers, BigBasket, PepperTap, Wooplr and more.
Founder of Orios Venture Partners, Rehan Yar Khan said, “Just like in other verticals such as food, grocery and laundry, hyperlocal logistics will be disrupted through on-demand, players using an uberized model. We have seen this model’s huge success in China and US, with billion dollar players emerging within a year of starting up”
The venture capital firm Orios Venture Partner recently announced $150 Mn (about INR 950 Cr) fundraise and it planned to make 30 investments in domains like financial technology and B2B startups in addition to the pre existing domains for investment. Till date, the VC firm has invested in more than a dozen startups in India, including Zo Rooms, Pretty Secrets, Ziffi, Yumist, Zapstitch, Druva, Olacabs, Sapience Analytics, Taskbob and more in the consumer, enterprise, SaaS and ecommerce segment.
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