New Delhi: In a recent funding round led by Mountain Partners and with participation from Indian Angels Network (IAN), logistics company Pidge has raised $3 million to expand its logistics SaaS offering, as per an announcement made by the company in a press release.
The latest funding follows a $1 million investment from IAN in 2021 and a previous self-funding round by the founders, who had invested $2 million.
Founded in 2019 by Ratnesh Verma and Rushil Mohan, Pidge currently operates in five cities across the Delhi-NCR region, including Delhi, Noida, Faridabad, Gurgaon, and Ghaziabad.
By utilising its proprietary algorithms for real-time order clubbing and dynamic batching, logistics firm Pidge is able to minimise lead times. Additionally, the company’s micro-fulfillment centres, known as Pidge Houses, are used to provide faster and more controlled deliveries to meet the needs of its business partners.
Having facilitated more than 5 million deliveries and onboarded 400,000 network users, Pidge is aiming to tap into the Indian last-mile logistics sector, which is presently valued at $40 billion and projected to reach $100 billion by 2024.
