Advertisement

Business

Updated on: Thursday, November 25, 2021, 02:57 PM IST

IAN invests $1 mn in B2B logistics platform Pidge

Pidge will use the funds for expanding its presence to Chandigarh and building on the product pipeline./ Representative Image |

Pidge will use the funds for expanding its presence to Chandigarh and building on the product pipeline./ Representative Image |

Advertisement

Pidge, founded by Ratnesh Verma and Rushil Mohan, a logistics company has raised $1 million led by Indian Angel Network (IAN). The founders self-funded the company with $2 million.

Pidge will use the funds for expanding its presence to Chandigarh and building on the product pipeline. The funding would also aid the platform to consistently invest in building its tech capabilities to deliver unprecedented routing and assignment efficiencies, it said in a press release.

The logistics company has recently launched its services in the Chandigarh Tricity area guaranteeing its business partners same day delivery even if the pickup was from Delhi. Pidge has an exciting pipeline of projects including hybrid SaaS and service fulfilment solutions.

Pidge will use the funds for expanding its presence to Chandigarh and building on the product pipeline. The funding would also aid the platform to consistently invest in building its tech capabilities to deliver unprecedented routing and assignment efficiencies.

Ratnesh Verma, Co-Founder of Pidge said, “We saw an enormous opportunity in the last mile logistics space driven by behavioral changes in the supply and demand side and compounded by the problems created by current incumbents. We are excited to be a part of IAN’s network and welcome accomplished individual investors to help Pidge be the best last mile logistics company.”

Padmaja Ruparel, Co-Founder, IAN said, “The last mile logistics industry in India is $40 bn today, and expected to grow to $100 bn by 2025. Of this market, over 75 percent is currently still unorganized and over 80 percent is reliant on captive fleet. This is where Pidge steps in. Pidge is streamlining the reliability of old-school logistics with the dynamism of hyper-local services. The mindset, the very notion of ingenuity is embedded within the platform with its disruptive technology and unique operating processes. But what excited us most is Ratnesh’s ability to build quickly, test accurately, and scale sensibly, and Rushil’s highly consumer- and data-centric approach to Pidge.”

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Thursday, November 25, 2021, 02:57 PM IST
Advertisement