Amritsar, NFA Post: Logistics tech startup Pickrr Technologies has raised $4 million in a funding led by Guild Capital and Omidyar Network India.
The fresh funding will be utilised to continue Pickrr’s market expansion and product development, the company said in a statement.
Pickrr, an AI-enabled and cloud-based platform, automates shipping for businesses and provides seamless multi-channel order management solutions.
According to the company, it serves 26,000 pin codes and handles 1.5 million shipments in a month.
Bootstrapped by its founders, with support from angel investors, this was Pickrr’s first institutional raise. Boutique Investment Bank, and Dexter Capital were the exclusive financial advisor for the transaction, the company said in a statement.
“Our aim is to create a brand that online sellers use for anything and everything related to logistics,” Co-Founder Rhitiman Majumdar said.
He added that the company’s goal is to help become growth drivers to their sellers and not just logistics service providers.
“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,” Majumdar said.
The company also plans to enhance services that decrease the cost and the inconvenience of logistics while also helping them to increase revenues, it said.
During this festive season, Pickrr’s volumes have grown over 400% on-year, which follows aggressive growth over the last 12 months, the company said.
“With Pickrr’s help, MSMEs are able to digitise their shipping workflow, lower their courier rates and most importantly improve efficiency of delivery, which results in greater revenue,” Badr Pillapakkam, partner at Omidyar Network India said.
Further, its smart pricing structure allows for healthy margins in an otherwise low margin business, Pillapakkam added.