Logistics firm Pidge has raised $3 million in a pre-Series A round led by Mountain Partners, and with participation from existing investor Indian Angels Network (IAN).
The capital will be deployed towards scaling up logistics SaaS offering, the company said in a press release.
The new round follows the $1 million funding from the IAN in 2021. Prior to this, the founders had self-funded the company with $2 million.
Founded in 2019 by Ratnesh Verma and Rushil Mohan, Pidge is an on-demand last-mile B2B logistics platform. The company operates across 5 cities in the Delhi-NCR region – Delhi, Noida, Faridabad, Gurgaon, and Ghaziabad.
The firm’s proprietary algorithms in real-time order clubbing and dynamic batching ensure minimized lead times. The firm also leverages its micro-fulfillment centers (Pidge Houses) to cater to the needs of its business partners for faster and better-controlled deliveries.
The startup claims to have enabled over 5 million deliveries and onboarded 400,000 network users, so far.
Pidge is targeting the Indian last-mile logistics industry, which is currently valued at $40 billion and expected to be worth $100 billion by 2024.