IIFL, Amicus Capital and Ananta Capital have led a $12 million (about Rs 85 crore) Series B funding for logistics and warehousing solutions provider Pickrr Technologies. Existing investors Omidyar Network India and Guild Capital also participated in this round.
The funding will help the company continue to drive product development and expand its network of fulfilment centres across the country, according to a statement.
Investment bank Dexter Capital acted as the adviser on the deal.
Pickrr raised its first ever institutional round last year when Guild Capital and impact investor Omidyar Network India backed the company with a $4 million (Rs 29.45 crore at the time) infusion.
Founded in 2015 by Rhitiman Majumder, Gaurav Mangla, Ankit Kaushik, Pickrr leverages a machine learning (ML)-based algorithm and cloud-based platform with partnerships across distribution networks to automate shipping for e-commerce sellers and D2C (direct-to-consumer) brands. The plug-and-play logistics solution helps clients improve overall delivery performance and offer multi-channel order management solutions.
Its proprietary algorithm CALCULA suggests the best courier partner for clients, considering historical data on multiple parameters. It helps reduce RTO (return to origin) ratio and offers real-time NDR (non-delivery report) management, real-time shipment tracking, invoicing, and COD (cash-on-delivery) management.
Pickrr claimed its daily orders grew three-fold this year. The startup has over 50,000 sellers on its platform and currently serves over 29,000 pin codes in India and 220 destinations across the globe. Its enables integration with over 25 online platforms like Amazon, Shopify and WooCommerce.
“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. With just one click access to our end-to-end logistics service, anyone from a small business to a D2C brand can set-up their e-commerce operations seamlessly,” Rhitiman Majumder, Co-Founder and CEO, Pickrr, said.
The Delhi-based company's client base includes Emami, Oziva, Healthkart and Bellavita Organics. The company recently ventured into the warehousing segment with the launch of Pickrr Plus, an intelligent warehousing and fulfilment solution to help sellers manage inventory without investing in a physical warehousing space or warehouse management solutions.
“Delivery delight has become a key differentiator for D2C brands and online retailers today. 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,” Ajith Nair, Director at Amicus Capital, said.