Pickingo, a B2B on-demand hyperlocal logistics start-up has announced that it has raised $1.3 million led by Rehan Yar Khan of Orios Venture Partners along with participation from Zishaan Hayath, both early investors in Ola Cabs, among other ventures.
Gurgaon based Pickingo was started by a team of IIT-IIM graduates – Rahul Gill, Piyush Sharma, Rishab Papneja and Siddharth Maheswari, in December 2014. The company aims to utilize the raised funds to expand to more than 20 cities by the end of the year.
Rahul Gill, CEO said, “Its a very exciting space right now. Huge supply and demand are present in different planes of cost, time and geography, we just need to match them using technology to unlock a large number of transactions.”
The firm which aims to disrupt the way goods move within a city from the merchant to the end consumer doing reverse-pickups for eCommerce players such as Jabong, Snapdeal, Shopclues and PayTM across 6 cities. More than 300 restaurants, groceries and pharmacies have signed up for Pickingo’s on demand delivery service.
“Just like in other verticals such as food, grocery, laundry etc, hyperlocal logistics will be disrupted through on-demand, players using an uberized model. We have already seen this model become a huge success in China with billion dollar player emerging within a year of starting up; and also in the US,” said Rehan Yar Khan, Founder & Partner at Orios Venture Partners.
Pickingo employs more than 100 people. They currently service around 3000 deliveries per day with a delivery strength of 300 people.
Hyperlocal logistics industry is growing at an explosive rate in India and a lot of investment action is happening in this space. A few days back, Bangalore-based hyperlocal delivery startup Opinio raised $1.3 million funding from Accel Partners.
Roadrunnr, a B2B online platform and service provider for hyperlocal logistics, received $11 million from Sequoia Capital, Nexus Venture Partners and Blume Ventures. Gurgaon-based Grofers secured a funding of $35 million led by existing investor New York-based Tiger Global Management with participation from early backer Sequoia Capital India in April.
Other startups which are also operating in similar space include Delhivery, Townrush and GoJavas.