Logistics Platform Pidge Raises $3 Million In Pre-Series A Funding
Pidge, a Gurugram-based logistics platform, has raised pre-Series A funding of $3 million (around Rs 24.5 crore). The funding round was led by Europe-based venture capital firm Mountain Partners, with participation from existing investor Indian Angel Network.
As per the startup, the freshly raised funds will be used to expand the company’s logistics SaaS solution.
Pidge | Logistics As A Managed Service
Founded by Rushil Mohan and Ratnesh Verma in 2019, Pidge is a SaaS-based B2B logistics platform that offers secure, on-demand last-mile logistics services.
The startup offers an end-to-end solution to its customers to grow their revenue by ensuring zero unfulfilled demand, reducing costs through latency-optimised algorithms and improving customer experience through automated tracking, alerts, and notifications.
Speaking about the development, Rushil Mohan, Co-founder of Pidge, said,
“Pidge SaaS will provide end-to-end solutions for businesses with their fleet while Pidge Network will enable last mile fulfillment for all other businesses.”
Pidge’s unique proposition uses proprietary technology to build the first latency-free last-mile logistics solution. Businesses benefit from increased revenue and reduced costs through Logistics as a Managed Service (LaMS).
Its proprietary technology uses AI and custom algorithms for an unprecedented combination of speed and reach to enable faster commerce. The logistics platform claims to have enabled over 5 million deliveries and has over 400,000 network users.
This startup had previously raised funding from Indian Angel Network in 2021. In November 2021, Pidge raised $1 million in funding from Indian Angel Network (IAN).
As the penetration of D2C brands and e-commerce companies like Flipkart and Amazon is increasing, the demand for logistics in India has grown.
Recently, logistics startup Locad raised $11 million in a Series A funding round led by Reefknot Investments, a fund anchored by Temasek and logistics powerhouse Kuehne & Nagel. As per the startup, the raised capital will be used for product development and building a talent pool in India.
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