In its Series C round, IIM-grad led Singapore-based Anchanto raises $12 million

The startup will use the funds to strengthen its research and development portfolio to launch two new products, build a data platform, and expand to three more markets.

Anchanto, a Singapore and India-based B2B SaaS startup specializing in e-commerce technology, in its ongoing Series C round has raised $12.1 million (Singapore $16.6 million).

According to a statement the investors in this funding round include, Asendia, a joint venture of the French National Post La Poste and State-run Swiss Post, and MDI Ventures, the corporate venture arm of Indonesian telco firm Telkom Indonesia.

Anchanto founder Vaibhav Dabhade commented, “Achieving profitability in these times is an excellent performance; I feel this is a more significant achievement than raising $12 million in the middle of the COVID-19 crisis. We are a capital-efficient company. One hundred percent of our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses.”

This round also marks the start of Anchanto’s partnership with Asendia AG, a European cross-border e-commerce shipping and mail services giant, as a new shareholder.

Asendia is the fourth customer to turn into a shareholder after MDI (Telkom Indonesia), Transcosmos Japan, and Luxasia. MDI Ventures is a corporate venture capital initiative by Telkom Indonesia – which increased its stake further by adding to its existing investment.

“We have high hopes for further co-operation with Anchanto, and we expect that we are going to create additional growth and synergies for the company, thanks to our logistics and technology capabilities,” said Marc Pontet, CEO of Asendia.

Founded in 2011, Anchanto’s platforms has processed a combined Gross Merchandise Value (GMV) of nearly $2.71 billion as of last year.

Anchanto will use the funds to strengthen its research and development portfolio to launch two new products, build a data platform, and expand to three more markets. It will also invest in hiring skilled talents to enhance and accelerate the launch of its new products into markets, especially with the demand for SaaS solutions on the rise.