Anchanto, a Singapore and India-based B2B software-as-a-service start-up, has raised US$ 12.1M (Singapore$ 16.6M) in its ongoing Series C round.
Anchanto’s SaaS offerings claim to simplify backend operations and help enterprises achieve productivity through automated ecommerce management. The company’s flagship product SelluSeller is both a mobile app and an online multi-channel ecommerce management. In addition, Wareo is a full-suite warehouse management system that helps B2B and B2C firms manage operations through a single system.
Founded by Vaibhav Dabhade in 2011 in Singapore, Anchanto also has a presence in India via an office in Pune. As of last year, the company claims to have helped streamline the ecommerce operations of more than 12,000 businesses and sellers from over 300 global enterprises. It currently has a presence in Singapore, India, Malaysia, Indonesia, the Philippines, Australia and Korea.
About the funding round
According to a statement released by the company, the investors in the ongoing Series C round included Asendia, and MDI Ventures. Asendia is a joint venture of the French National Post La Poste and State-run Swiss Post. MDI Ventures is the corporate venture arm of Indonesian telco firm Telkom Indonesia. MDI is an existing investor of Anchanto and increased its stake further by adding to its previous investment.
The funds raised in the round will strengthen Anchanto’s research and development portfolio to launch two new products, build a data platform, and expand to three more markets. In addition, the start-up will also invest in hiring skilled talents. This investment will enhance and accelerate the launch of its new products into markets, to keep up with the demand for SaaS solutions on the rise.
This round also marks the start of Anchanto’s partnership with Asendia as a new shareholder. Asendia is a European cross-border ecommerce shipping and mail services giant. Following MDI, Transcosmos Japan, and Luxasia, Asendia is the fourth customer to turn into a shareholder.
Statement from Anchanto and Asendia
Commenting on the funding, Vaibhav Dabhade said, “Achieving profitability in these times is an excellent performance. I feel this is a more significant achievement than raising US$ 12M in the middle of the COVID-19 crisis. We are a capital-efficient company. One hundred percent of our revenue comes from a SaaS subscription with a high gross margin. We do not buy inventory or run services shops or warehouses.”
As part of the deal, Marc Pontet, CEO of Asendia, and Donald Wihardja, CEO of MDI Ventures, will join the Anchanto board.
“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 cooperation 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 Pontet