Anchanto Receives Funding For A Southeast Asian Expansion.
Anchanto, the Singapore-based e-commerce fulfillment platform has recently announced that it would be expanding its business towards Malaysia, Indonesia and India during the next six months, after receiving and undisclosed amount of funding led by Innosight Ventures, with participation from Cub Capital, Scott Anthony, Akshay Mehra.
Furthermore, according to official statement, the startup shall also be utilizing the newly gained financial funding to increase its current capacity by eight times, and invest in its technology platform, which shall help out brands and retailers smoothly transition towards online.
The statement further elaborated that operations based in Singapore would also be expanded up to 74,000 cubic feet of ready to pick up and pack inventory-racking system, and 4,000 orders per day picking, packing and delivering all over the island nation. Currently, the company has been around for the past 3 years, contains a total of 18 employees, and is looking towards becoming the “Fulfillment by Amazon” in Southeast Asia.
The amount of funding has not been disclosed by either funder and fundie, Innosight Ventures main website has pointed out that its “usual investment quantum (goes) up to half a million Singapore dollars in each company.” Although, when it comes down to co-investing with other venture capital firms or angels, the invest has led rounds that have totaled to that of S$1 million to S$2 million (USD$800,000 to USD$1.5 million).
Partner of Innosight Ventures, Piyush Chaplot, shall also be joining Anchanto’s Board, while Micheal Blakey, Founder and partner of Cub Capital, shall join as an adviser.
Co-founder and CEO of Anchanto, Vaibhave Dabhade, commented that the investment was not merely financial. He stated,, “We are happy to have investors on board that provide us not only with capital, but also vast innovation and strategic experience in our domain.”
During April alone, Anchanto has included three new customers, namely a French Cosmetics brand named Creme-Simon, a home and living e-tailer named Cluster-Cluster, a Thailand-based fashion e-tailer named Pomelo Fashion. Customers will also be able to choose from different modules, such as a full e-store platform or fulfillment purposes to manage their inventory and process orders.
One particular customer, Co-founder of Cluster-Cluster, Tiffany Tan, commended the service by stating, “Anchanto ticked all the boxes we needed to run a successful e-commerce retail store and help us grow and move forward on an international level.”
In terms of e-commerce fulfillment, Anchanto will most likely to face some fierce competition from Ardent Capital’s aCommerce, which has operations based in both Indonesia and Thailand, and has been previously rumored to be heading towards Singapore, the Philippines and Malaysia.