AgenciesNew Delhi: StackBox, a logistics technology startup, has raised $1.2 million (about Rs 8.9 crore) in a funding round led by Ecosystem Ventures alongwith participation of LetsVenture and existing investors.
The Bengaluru-based company, which has previously raised $5 million, will use the fresh capital to set up more fulfilment centres to service customers in different geographies, and for developing its technology.
The logistics startup has seen its revenue grow four times in the last 12 months. It is currently operational in Hyderabad and Delhi NCR and delivers more than 70,000 orders of retailers per month. It is already working with companies like Procter & Gamble, ITC, Flipkart, Unilever, Britannia and Del Monte, among others.
"We believe there are a lot of inefficiencies in the current FMCG market as no one has used technology to solve this problem at scale," StackBox Managing Director Venktesh Kumar said. "We are building a lot of tech solutions to optimise various aspects of the distribution value chain for India and global markets."
The Bengaluru-based company, which has previously raised $5 million, will use the fresh capital to set up more fulfilment centres to service customers in different geographies, and for developing its technology.
Founded in 2019 by Venktesh Kumar, Nitin Mamodia, Shanmukha Boora and Sabyasachi Bhattacharjee, Sequoia Scout-backed StackBox helps consumer goods firms solve their business-to-business, last-mile fulfilment bottlenecks. The company, which has mapped more than 2 million retailers so far, has enabled delivery planning automation using routing algorithms, AI-led optimisation using ground-level large data sets, prepackaging infrastructure, and multi-brand last-mile micro-fulfillment centres.
The logistics startup has seen its revenue grow four times in the last 12 months. It is currently operational in Hyderabad and Delhi NCR and delivers more than 70,000 orders of retailers per month. It is already working with companies like Procter & Gamble, ITC, Flipkart, Unilever, Britannia and Del Monte, among others.
"We believe there are a lot of inefficiencies in the current FMCG market as no one has used technology to solve this problem at scale," StackBox Managing Director Venktesh Kumar said. "We are building a lot of tech solutions to optimise various aspects of the distribution value chain for India and global markets."
