Anchanto Bags $12.1 Mn In Ongoing Series C Funding Round For Market Expansion Vaibhav Dabhade-led company will also utilize the fund for product development and hire new talent
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Singapore-based B2B software-as-a-service (SaaS) specialized in e-commerce technology, Anchanto, on Friday announced it has bagged $12.1 million in ongoing series C funding, totalling S$16.6 million raised till date. Investors such as Asendia and MDI Ventures, took part in the round.
The startup will utilize the fresh funds to bolster its research and development infrastructure to launch two new products—build a data platform and expand to three more markets. The company aims to hire more talents to expedite the launch of these products.
This round also marks the collaboration of Anchanto with Asendia AG, a European cross-border e-commerce shipping and mail services player. Anchanto has raised the fresh fund with the help of its key customers. With this round, Asendia becomes the fourth customer to turn into a shareholder after MDI, Transcosmos Japan and Luxasia. After the funding, Marc Pontet, chief executive officer (CEO) of Asendia, and Donald Wihardja, CEO of MDI Ventures will be joining Anchanto's board.
Commenting on the funding, Vaibhav Dabhade, CEO and founder of Anchanto said, "Achieving profitability in these times is an excellent performance; I feel this is a more significant achievement than raising $12 million in the middle of the COVID-19 crisis. We are a capital-efficient company. 100 per cent of our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses."
"Asendia intends to continue its journey along the cross-border eCommerce value chain and support the growth of an innovative technology company serving the international growth of global brands. We have high hopes for further co-operation with Anchanto and we expect that we are going to create additional growth and synergies for the company thanks to our logistics and technology capabilities," said Marc Pontet.
Speaking on the development, Donald Wihardja said, "In the current digitalization era, the necessity of multiple retailers and brands to go Omni Channel path is highly critical, especially with the current pandemic where the shift to online sales is inevitable. Anchanto's robust platforms are well position to highly capitalize this "New Normal" to tackle massive problems that are not only faced in Indonesia but also globally. We are also excited to welcome our new partner, Asendia, who will help to bring Anchanto enterprise-grade solutions beyond SEA and the world.
Founded in 2011, Anchanto last year helped streamlined the e-commerce operation of over 12,000 businesses and sellers consisting of over 300 global enterprises. The company's customers manage over 67 million stock keeping units and more than 115 million listings. On the platform of Anchanto, sellers process over 4 million orders per week.