Singapore’s Anchanto looks to raise $35m in series C round to fuel expansion

Anchanto, a Singapore-based ecommerce logistics startup, is looking to raise US$35 million in its ongoing series C round as it plans to enter new markets in the future, the company told Tech in Asia in an emailed statement.

Anchanto founder and CEO Vaibhav Dabhade / Photo credit: Anchanto

According to a press release, the company is currently completing the second close of its series C round after securing funds from MDI Ventures, the VC arm of Telkom Indonesia, in October 2019. MDI Ventures first backed Anchanto when it led a US$4 million funding round for the startup in July 2018.

“With this investment, we aim to add new features and capabilities to our platform, provide additional services to our existing customers, and expand our presence across newer countries,” said Anchanto founder and CEO Vaibhav Dabhade.

Anchanto currently operates in over 14 markets and has offices in countries including Singapore, Malaysia, Indonesia, India, and the Philippines. Late last year, it launched in Australia and South Korea. It’s now eyeing to establish a presence in Europe, North America, the Middle East, and North Africa in the future.

According to the startup, it is looking at the third close of its series C round in the coming months.

See: A logical leap into logistics

Established in 2011, Anchanto helps brands, retailers, ecommerce enablers, logistics providers, and small and medium-sized enterprises manage their end-to-end ecommerce operations.

Its flagship offering, SelluSeller, is an online multi-channel ecommerce software that manages selling operations across marketplaces such as Shopee, Lazada, Amazon, and Tokopedia, among others.

The company said it currently manages over 102 million listings and processes more than 39 million orders, with a total of nearly US$1.3 billion in gross merchandise volume across its platforms.

“In 2020, we will continue on the foundation we have built in 2019 […],” the company told Tech in Asia. “[We have] been profitable for one-fourth of the year with gross margins of 96% and EBITA margins of 46% for profitable months. In 2020, we are raising funds to genuinely grow our business multi-fold over the next three years.”