[Funding alert] Logistics startup StackBOX raises $1.2M from Ecosystem Ventures, CMM group
Bengaluru-based logistics tech startup StackBOX has raised $1.2 million in funding led by Ecosystem Ventures and CMM Group.
Founded in 2018, StackBOX is present in cities like Hyderabad, Delhi NCR, and Chennai, and claims to be delivering over 50,000 orders of retailers per month. It claims that its revenue grew 4X in the last 12 months.
StackBOX plans to use this funding to set up more fulfillment centres across the country. It has set up a network of multi-brand micro fulfillment centers, cross docks and dark stores leveraging technology for routing optimisation, party level packaging, etc.
According to StackBOX co-founder Shanmukha, it is able to bring in efficiencies in the entire logistics supply chain. The other co-founders include Sabyasachi Bhattacharjee, Venktesh Kumar, and Nitin Mamodia.
The startup is engaged with several large FMCG and B2B ecommerce companies.
StackBOX Managing Director, Venktesh Kumar said, “There are a lot of inefficiencies in the current Food and FMCG Retail Distribution. We are bringing visibility and efficiency by digitising B2B last mile delivery (to Kiranas) and automation & tech interventions are key to drive this.”
StackBOX has customers such as Flipkart, ITC, P&G, Dabur, Britannia, Udaan, etc. The logistics segment of the Indian startup ecosystem already has two unicorns – Delhivery and Blackbuck, and the opportunity remains very large.
“StackBOX not only has a huge opportunity to capture the $800 billion Indian retail market but is also making inroads into international markets with its FMCG focused last-mile distribution solutions,” said Abhijeet Bhandari, Co-founder, Ecosystem Ventures.
Ecosystem Ventures is a group of experienced founders and investors who have built multiple companies and invested in multiple startups. It has a network of over 200 plus angel investors, family offices and micro VCs.
Ecosystem Ventures has raised $320 million for its portfolio companies, which includes startups such as WhiteHat Jr., Pariksha, GeoIQ, Saarthi, Navigene, StackBOX, Credilio, etc.