Anchanto grabs funding from Innosight Ventures for Southeast Asian expansion
Fulfilment in Southeast Asia is a mess. That’s why this Singaporean startup wants to expand and solve the region’s issuesBy Elaine Huang 06 May, 2014
Singapore-based e-commerce fulfilment platform Anchanto has today announced that it will be setting up shop in Malaysia, Indonesia and India in the next six months, after securing an undisclosed amount of funding led by Innosight Ventures, with participation from Cub Capital, Scott Anthony and Akshay Mehra.
In addition, according to an official statement, the startup will also use the new injection of funds to boost its current capacity by eight times, and invest in its technology platform, which helps brands and retailers go online easily.
The same statement noted that operations in Singapore will also be expanded to 74,000 cubic feet of ready to pick and pack inventory-racking system, and 4,000 orders per day picking, packing and delivery across the island nation. At the moment, the three-year-old company, which was incidentally birthed because of an Echelon conference, has 18 staff members in its tech team, and is looking to become the ‘Fulfilment by Amazon’ in Southeast Asia.
While the amount has not been disclosed by either side, Innosight Ventures’ website noted that its “usual investment quantum (goes) up to half a million Singapore dollars in each company.” However, when it comes to co-investing with other venture capital firms and/or angels, the investor has led rounds in the range of S$1 million to S$2 million (US$800,000 to US$1.5 million).
Piyush Chaplot, Partner, Innosight Ventures, will also be joining Anchanto’s Board, while Michael Blakey, Founder and Partner, Cub Capital, will join as an advisor.
Vaibhav Dabhade, Co-founder and CEO, Anchanto, commented that the investment was not merely financial. He said, “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.”
In April 2014 alone, Anchanto has added three new customers, namely Crème-Simon, a French cosmetics brand; Cluster-Cluster, a home and living e-tailer; and Pomelo Fashion, a Thailand-based fashion e-tailer. Customers can choose from different modules, such as a full e-store platform or fulfilment purposes to manage inventory and process orders.
One customer, Tiffany Tan, Co-founder, Cluster-Cluster, commended the service, saying, “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 fulfilment, Anchanto might face competition from Ardent Capital’s aCommerce, which has operations in Thailand and Indonesia, and was last heard to be moving into Singapore, the Philippines and Malaysia.
Disclaimer: Ardent Capital is an investor in Optimatic Pte Ltd, the parent company of e27
Innosight Ventures Singapore Innosight is a strategy and innovation consulting firm that helps clients achieve repeatable growth through innovation. Funded Startups: Not Funded