Pidge secures $1M in funding
B2B logistics company Pidge has raised $1 million in a round of funding from Indian Angel Network.The Pidge founders have also invested an additional $2 million into the company. Pidge plans to use these funds for expansion and enhancing its product offerings.
Pidge CEO and co-founder Ratnesh Verma stated, “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.” He added, “Pidge leverages its proprietary modular SaaS solution and game changing algorithms to deliver unparalleled latency optimization; while combining the coverage of traditional logistics with the convenience of on-demand hyperlocal services.”
The company leverages its micro-fulfilment centres, or ‘Pidge Houses’, to cater to the needs of its business partners for faster deliveries.
Commenting on the investment and the state of the logistics industry, IAN co-founder Padmaja Ruparel 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% is currently still unorganized and over 80% is reliant on captive fleet [sic].”
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