Logistics intelligence startup Pidge raises Rs 120 Cr growth capital led by LVEC

Pidge, a supply marketplace and an interoperable last-mile logistics platform, on Wednesday said it raised Rs 120 crore in growth capital led by La Vida es Chula (LVEC), a capital fund founded by entrepreneur and investor Thomas Meyer, and existing investors.

The Gurugram-based startup will use the funds to expand into Tier II and III markets and establish product and tech leadership through continued innovation in AI and data science. It also plans to pilot its logistics operating system in select international markets.

Founded in 2019, Pidge offers a technology-based logistics platform focused on providing last-mile delivery solutions for businesses and individuals. The B2B startup serves over 20,000 brands across quick commerce, ecommerce, retail, pharma, and apparel sectors, including Zomato, Swiggy, KFC, Tata1mg, EatClub, and Snitch, in more than 50 cities.

“As India manifests its vision of single-digit logistics costs and 2x ecommerce every 3 years, Pidge is poised to be the foundation for that growth with the country’s largest, interoperable, last-mile logistics platform. This capital accelerates new propositions and markets and doubles down on efficient, sustainable, scalable growth. We’re delighted to welcome Thomas Meyer and LVEC to our cap table as the lead investor,” said Ratnesh Verma, Founder and CEO, Pidge.

The startup claims to have achieved 10X annual growth, and it is operating at an annual run rate of Rs 250 crore. Pidge’s valuation has grown over 5X since its previous fundraise, the startup said in a statement.

“I am excited to be a part of Pidge and have always backed founders who compound value with discipline. Ratnesh, as an accomplished global business leader, has built Pidge with intent. I have full confidence in the technology and team he has built to continue to stay ahead as ecommerce in India changes... We believe in the Indian growth story and see the potential in Pidge to set a new standard of reliability for Indian commerce. Their compliance, governance, technology, and innovation are impressive,” added Thomas Meyer, Founder and CEO, LVEC and Desigual.