Singapore-based e-commerce enabler Anchanto has snagged fresh funds as part of its ongoing Series C round from existing investor MDI Ventures and new investor Asendia, a joint venture between French La Poste and Swiss Post, the company announced on Thursday.
The firm has raised a total sum of S$16.6 million ($12.1 million) in the ongoing round.
MDI Ventures, the corporate venture arm of Indonesian telco firm Telkom Indonesia, participated in the second round of the Series C funding by putting in an additional sum of S$2 million. In January this year, Anchanto raised S$4 million from MDI Ventures as part of the same round.
MDI also invested in the first part of Anchanto’s Series C round in 2018, which was closed at $4 million.
Anchanto is seeking to close its Series C round at $35 million.
Anchanto will allocate the proceeds to accelerate its product portfolio development, build a data platform, hiring new talent and expand to three more markets.
“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. 100% of our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses,” said Anchanto founder and CEO Vaibhav Dabhade.
Asendia, one of Anchanto’s customers, is a European cross-border e-commerce shipping and mail services giant. Asendia becomes Anchanto’s fourth customer to turn into a shareholder following MDI (Telkom Indonesia), Transcosmos Japan, and Luxasia.
Founded in 2011, Anchanto is a global B2B SaaS product firm that enables brands, retailers, e-distributors, e-commerce enablers, service providers, third-party logistics providers (3PLs), SMEs, and postal associations to streamline and manage end-to-end e-commerce operations.
The firm operates in over 14 countries.