Anchanto raises USD 12.1 million in funding

Anchanto, Singapore-based B2B software-as-a-service (SaaS) company specialising in e-commerce technology, on Friday said it has raised USD 12.1 million (over Rs 90 crore) as part of its ongoing series C round funding. Previously, the company has raised USD 4 million, led by MDI Ventures in series C, while Luxasia Group, Transcosmos, Innosight Ventures, Cub Capital, Scott Anthony, Akshay Mehra and Chang Sau Sheong also invested in the company.

PTI | New Delhi | Updated: 14-08-2020 18:42 IST | Created: 14-08-2020 18:42 IST
Anchanto raises USD 12.1 million in funding

Anchanto, Singapore-based B2B software-as-a-service (SaaS) company specialising in e-commerce technology, on Friday said it has raised USD 12.1 million (over Rs 90 crore) as part of its ongoing series C round funding. The round saw participation from Asendia, a joint-venture of the French National Post La Poste and State-run Swiss Post, and MDI Ventures, a statement said.

The company has well over USD 16 million (about Rs 120 crore) till date. Previously, the company has raised USD 4 million, led by MDI Ventures in series C, while Luxasia Group, Transcosmos, Innosight Ventures, Cub Capital, Scott Anthony, Akshay Mehra and Chang Sau Sheong also invested in the company. Anchanto plans to use the latest funds to strengthen its research and development portfolio to launch two new products, build data platform and expand to three more markets, the statement said.

The company will also invest in hiring skilled talent to enhance and accelerate the launch of its new products into markets – especially with the rising demand for SaaS solutions, it added. Headquartered in Singapore, Anchanto has a 120-member team, of which about 70 per cent are operating from Pune. The team includes product R&D, core technology, marketing and operations.

As part of the expansion plan, the company is planning to increase its workforce by 50 per cent of the total headcount in India. "Achieving profitability in these times is an excellent performance; I feel this is a more significant achievement than raising USD 12 million in the middle of the COVID-19 crisis. We are a capital-efficient company. 100 per cent of our revenue comes from a SaaS subscription with a high gross margin," Anchanto CEO and Founder Vaibhav Dabhade said.

Asendia is the fourth customer to turn into a shareholder after MDI (Telkom Indonesia), Transcosmos Japan and Luxasia, the statement said. MDI Ventures is a corporate venture capital initiative by Telkom Indonesia – which increased its stake by adding to their existing investment. Marc Pontet, CEO of Asendia, and Donald Wihardja, CEO of MDI Ventures will be joining Anchanto's board, it added.

Anchanto currently serves global players, including Nestle, Pos Malaysia, GreatDeals, Luxasia, DKSH, DHL eCommerce, Bench Retail, MYDIN, and others..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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