Parcelled, a logistics services provider, raises $5 million1 min read . Updated: 26 Oct 2015, 11:45 AM IST
Parcelled raises the amount in a Series A funding round from Delhivery and Tracxn Labs
Bengaluru: Logistics services provider Parcelled has raised $5 million in a Series A funding round from Delhivery and Tracxn Labs. While Delhivery is an e-commerce logistics company, Tracxn Labs is an early-stage fund run by Tracxn, a company which tracks start-ups.
Owned by NAXR Logistics Pvt. Ltd, Parcelled, which offers so-called ‘first mile’ logistics services, picks up parcels, packs, ships and tracks them until destination, at times at half the cost of courier service providers such as DHL, DTDC or Blue Dart, effectively working as courier aggregators.
Parcelled had raised an undisclosed amount from the same investors in July.
The fresh funds will be deployed to strengthen the technology platform, increase the present 110-member team and expand to multiple cities over the next six months, the company said in a statement on Monday.
The Economic Times was the first to report the development on Monday.
Parcelled currently operates in 13 cities including Delhi, Bengaluru, Mumbai, Chennai and Kolkata.
“With our new round of funding and expansion, we wish to make Parcelled a household name. There is a lot of untapped potential in this space and a need for a convenient, trustworthy, cost-efficient and fast logistics service. With the inflow of funds, we are looking to build a transparent, reliable and trusted logistics platform in India," said Xitij Kothi, chief executive and co-founder at Parcelled.
The company was founded in March 2015 by Kothi, Nikhil Bansal, Prateek Bhandari, Rikin Kachhia and Abhishek Srivastava.
Incidentally, Tiger Global-backed Delhivery, owned by SSN Logistics Network, has also invested in business-to-business logistics start-up Opinio.
At least 15 start-ups have emerged in the first mile logistics segment including Pickrr, Shipsy, Parcelled, DaakNinja, ShipTickr and Pigen. These companies, which have dedicated staff for parcel pick-up, also offer intra-city courier services.
Most of the start-ups are tapping into first-mile logistics for small and medium enterprises, transporting goods from the merchant to a customer or the warehouses of e-commerce companies. Some of them have also started handling reverse pick-ups for e-commerce companies.