Singapore’s Anchanto raises new funds in ongoing series C round

Anchanto, a Singapore-based software-as-a-service company specializing in ecommerce, said it has reached profitability in the first half of 2020 and received new funding, boosting the total capital raised for its ongoing series C round to US$12 million.

Investors in the round include Telkom Indonesia’s corporate venture arm MDI Ventures and Asendia, a joint venture between the French national post La Poste and state-run Swiss Post.

Asendia CEO Marc Pontet and Donald Wihardja, CEO of MDI Ventures, will join Anchanto’s board.

Anchanto founder and CEO Vaibhav Dabhade / Photo credit: Anchanto

Founded in 2011, Anchanto’s in-house offerings include its flagship product SelluSeller, an online multi-channel ecommerce management software, and Wareo, a warehouse management system that helps businesses manage business-to-business and business-to-customer operations.

The company previously told Tech in Asia that it’s looking to raise a total of US$35 million in series C funding.

How much traction has it gotten? The company claims to have achieved profitability, with all of its revenue coming from subscriptions.

“We are a capital-efficient company. 100% of our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses,” said Anchanto CEO and founder Vaibhav Dabhade.

Earlier this year, the company said that it has been profitable for one-fourth of 2020, with gross margins of 96% and EBITA margins of 46% for profitable months.

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As of last year, Anchanto said that it had helped streamline ecommerce operations of more than 12,000 businesses and sellers from over 300 enterprises.

With over 67 million stock keeping units and 115 million listings, its customers have processed nearly US$2.7 billion in combined gross merchandise volume by using Anchanto’s platform, according to a statement. It’s also seeing around over 13 million API calls from the SelluSeller platform daily.

Its customers include Nestle, postal delivery service Pos Malaysia, DHL, and hypermarket Mydin, among others.

What are its future plans? With the fresh funds, the company plans to strengthen its research and development portfolio to launch two new products, build its data platform, and hire more team members to accelerate the launch of its new offerings.