Anchanto grows revenue by 39% in 2023, aims for full-year profits by 2026

Anchanto co-founder and CEO Vaibhav Dabhade | Photo Credit: Anchanto

Singapore-based Anchanto, an ecommerce-focused SaaS firm, posted revenue of S$15.2 million (US$11.3 million) for its 2023 financial year, according to data from ACRA. The amount is a 39.2% increase from the previous year. Excluding “other income,” the company’s year-on-year revenue growth stands at 42%.

The revenue growth outpaced an increase in operating expenses, which rose by 17% over the same period. The company managed to narrow its net loss by 12.7% to S$5.7 million (US$4.3 million).

“Our top-line growth comes from both our existing customers, which are expanding and growing their volume, and from our new territories and products,” Anchanto’s CEO and co-founder, Vaibhav Dabhade, tells Tech in Asia. “We have a clear objective to break even by the end of 2024 and achieve full year profitability in 2026.”

Dabhade notes that Anchanto – which helps brands, retailers, and logistics providers manage end-to-end ecommerce operations – launched four new products at the end of 2022. The company, which now employs over 300 people, also expanded its presence to 11 markets after entering France, the United Kingdom, Dubai, and South Korea.

Anchanto’s customers include L’Oreal and Panasonic. It also counts some of its backers as clients, such as beauty retailer Luxasia and Indonesia’s Telkom, which invested in Anchanto via its venture arm MDI Ventures.

The company also more than doubled its cash and cash equivalents in 2023, finishing the year with S$6.3 million (US$4.7 million). While that appears to provide it with a comfortable runway, Dabhade says that Anchanto is gearing up for new fundraising: it secured a convertible note last year from existing backer Asendia.

“We’re looking to end this round in the next six to nine months,” Dabhade says, adding that the company is looking to “establish our presence in North America in 2025.”

The fundraise would follow its series C round from 2020, which was led by MDI Ventures and Asendia. The company has raised at least US$12 million in disclosed funding so far, according to Tech in Asia’s database.

While Anchanto says it was able to exceed its objectives for the first quarter of 2024, Dabhade cautions that the company expects more headwinds in the second half of the year. For now, the North American expansion will be a priority, where it aims to replicate the “local expertise and support” it has built in its other markets.

“We want to capitalize on this unique strength by focusing on homegrown mid-market businesses and enterprise customers with multi-country operations, where we see the highest growth,” the CEO says.

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Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.