Having been bootstrapped by its founders, with support from angel investors, this is Pickrr''s first institutional raise, a statement said.
Pickrr will use the investment to continue its market expansion and product development, it added.
Dexter Capital was the exclusive financial advisor for the transaction.
Pickrr is an AI-enabled and cloud-based platform that automates shipping for businesses and provides seamless multi-channel order management solutions. It serves 26,000 pin codes and handles 1.5 million shipments in a month.
During this festive season, Pickrr''s volumes have grown over 400 per cent year-on-year, which follows aggressive growth over the last 12 months, the statement said.
"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.
"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," Pickrr co-founder Rhitiman Majumdar said.
The company''s goal is to help become growth drivers to their sellers and not just logistics service providers, Majumdar added.
Pickrr is also planning to enhance services that decrease the cost and the inconvenience of logistics while also helping them to increase revenues, Majumdar said.
Badri Pillapakkam, Partner at Omidyar Network India, said with Pickrr''s help, MSMEs can 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, he added.
Apoorv Gautam, India Head and COO of Guild Capital, said logistics in India is a highly unorganised market, ripe for technology-led disruption.
"We believe that Pickrr will pave the way for solving logistics-related challenges for a large number of e-commerce sellers at scale. We look forward to partnering with the Omidyar network team to support Pickrr in its growth journey and help realise its vision," he added. PTI SR BAL
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI