[Funding alert] Pickrr raises $4M investment led by Guild Capital and Omidyar Network India
Pickrr Technologies has raised $4 million funding led by Guild Capital and Omidyar Network India. An AI-enabled and cloud-based platform, Pickrr automates shipping for businesses and provides seamless multi-channel order management solutions.
This is Pickrr's first institutional fund raise. Boutique Investment Bank, Dexter Capital was the exclusive financial advisor for the transaction. The company stated it will use the investment to continue its market expansion and product development.
In a statement, Rhitiman Majumdar, Co-founder, Pickrr, said, “We are delighted to be partnering with Guild Capital and Omidyar Network India. Our aim is to create a brand that online sellers use for 'anything and everything related to logistics'."
This includes warehousing and fulfilment, cross border logistics, B2B logistics, and more.
He added, "We are also planning to provide our tech solutions to aggregators and franchisees so that we can manage their shipments through a single end to end platform. The company’s goal is to help become growth drivers to their sellers and not just logistics service providers. Pickrr also plans to enhance services that decrease the cost and the inconvenience of logistics while also helping them to increase revenues.”
Currently, Pickrr serves over 26,000 pincodes and handles 1.5 million shipments in a month. In the festive season, the company stated that its volumes have grown over 400 percent year-on-year.
Apoorv Gautam, India Head and COO of Guild Capital, said, “Logistics in India is a highly unorganised market ripe for technology-led disruption. Pickrr’s unique SaaS platform is a full-stack logistics solution which provides smart order fulfilment and machine learning-based courier recommendations. We believe that Pickrr will pave the way for solving logistics-related challenges for a large number of ecommerce sellers at scale. We look forward to partnering with the Omidyar network team to support Pickrr in its growth journey and help realize its vision.”
Founded by IIT graduates Rhitiman Majumdar, Gaurav Mangla, and Ankit Kaushik in August 2015, Pickrr aggregates various logistics players in the country. The core of Pickrr’s technology remains its smart machine learning-based algorithm called CALCULA which provides courier recommendations aimed at improving delivery performance.
Badri Pillapakkam, Partner, Omidyar Network India, said, “Pickrr’s focus on helping small businesses get access to best-in-class logistics services resonates with our objective of helping every Indian realise the power of the internet. With Pickrr’s help, MSMEs are able to digitise their shipping workflow, lower their courier rates and most importantly improve the efficiency of delivery, which results in greater revenue. Further, its smart pricing structure allows for healthy margins in an otherwise low margin business. Pickrr's partnerships across distribution networks and its comprehensive shipping solutions fit well with our 'full-stack logistics solutions for MSMEs’ investment thesis, and we are excited to partner with Rhitiman, Gaurav and Ankit and help them scale to the next level.”
Edited by Saheli Sen Gupta