Prozo Raises $5.4M in Pre-Series B Funding to Expand Supply Chain Network and SaaS Platform
Indian supply tech startup Prozo raises $5.4 Mn in Pre-Series B funding to expand its Prozo Warehousing & Logistics SaaS platform
14 February 2023
Prozo, a Gurgaon-based supply tech startup, raised INR 45 Cr ($5.4 Mn) in a Pre-Series B round from investors including Sixth Sense Ventures and JAFCO Asia.
The company plans to use the funding to expand its client base, warehousing and logistics network, and Prozo Warehousing & Logistics SaaS platform.
Prozo offers fast fulfilment through a pan-India warehousing and freight network on a pay-per-use model and currently serves nearly 100 brands.
Prozo, a Gurgaon-based supply-tech startup, has raised INR 45 Cr ($5.4 Mn) in a Pre-Series B round from buyers inclusive of Sixth Sense Ventures and JAFCO Asia. The business enterprise plans to use the funding to develop its patron base, warehousing and logistics network, and make bigger its Prozo Warehousing & Logistics SaaS platform. Prozo offers speedy fulfilment via a pan-India warehousing and freight community to companies of all sizes throughout B2B, D2C, and B2C segments on a pay-per-use model. The startup presently has 30 omnichannel fulfilment centres throughout 12 locations, serving nearly a hundred brands.
Prozo's founder and CEO, Dr Ashvini Jakhar, has in contrast the startup to an operating system for provide chains, enabling brands to personalize their supply chains with Prozo's fulfilment and logistics network. Jakhar said that "companies don’t want to set up their grant chains, but opt for a full-stack, enterprise-grade, pay-per-use grant chain associate like Prozo". The agency claims to have grown its warehousing footprint and purchaser base by 10x when you consider its closing funding round when it raised INR 76 Cr in its Series A funding round led by Sixth Sense Ventures in March 2022. Prozo has now raised a whole of INR 131 Cr in funding.
The logistics region has gained the attention of the Indian authorities and investors. Last year, the authorities launched the National Logistics Policy (NLP) to address transport-related challenges and improve the shipping of goods. The standard intercity road logistics market in India is projected to be worth $299 Bn by 2025, according to a document via Inc42. The logistics phase has considered different latest investments, which include $11 Mn in Series A funding for logistics startup Locad, and $12 Mn in a Series A, debt and equity investment round for digital freight administration startup Freightify.
Apply to Xartup Fellowship Program
Get ₹1.5 Crore Technical Funding
Prozo's trendy funding spherical is predicted to support the growth of the Indian logistics industry, particularly in the areas of warehousing and last-mile delivery. The startup's pay-per-use mannequin may additionally be mainly appealing to smaller corporations looking to outsource their supply chains. The employer plans to use the funding to increase its fulfilment community and SaaS platform, as properly as deepen its relationship with present purchasers and attract new ones. The contemporary spherical of funding is predicted to help Prozo consolidate its role as a main participant in the Indian grant chain industry.
Prozo's success in raising a sizable quantity of funding for its pay-per-use grant chain service may additionally reflect a growing style in the logistics zone towards outsourcing and digitally-enabled solutions. As e-commerce continues to grow in India, the demand for quicker and more environment-friendly fulfilment is in all likelihood to increase. Prozo's SaaS platform, which lets organizations control their grant chains extra effectively, might also be well-suited to assemble this demand. The startup's success in attracting funding from a range of investors suggests that there is extensive interest in the achievable of providing tech to radically change the logistics quarter in India and beyond.