Singapore-based e-commerce enabler Anchanto has announced raising $4 million in funding led by MDI Ventures, the venture capital arm of Indonesia’s state-owned telco firm Telkom Indonesia, as part of its ongoing Series C round.
Anchanto provides a SaaS platform that connects e-commerce sellers, brands, retailers and warehousing and fulfilment service providers. Its software helps businesses manage product listing, promotion management, selling, warehouse management, order processing and cross-border shipping.
The proceeds from the latest funding will be used to expand its market outreach and build a stronger Southeast Asia presence, the startup said.
The company’s signature platforms include a SaaS product for sellers and brands to manage their inventory, and a B2B and B2C e-commerce SaaS Warehouse Management System (eWMS) with an integrated inventory management system and order management system. Both platforms have been used to process over 12 million orders worth more than $258 million in gross merchandise value (GMV) over the last 12 months.
“Through this collaboration, we aim to enable thousands of Indonesian SMEs, Micro-SMEs, and Enterprise businesses to join the eCommerce bandwagon, and seamlessly onboard them on Telkom Indonesia’s DELON, for eCommerce fulfillment/warehousing and other digital services. Essentially, we are going to empower Indonesian entrepreneurs to scale their businesses in Southeast Asia’s biggest eCommerce market,” said Anchanto founder and CEO Vaibhav Dabhade.
He added that Telkom Indonesia, which is the third Anchanto customer to invest in the company, will be an ideal partner for the Singapore startup, given the telco firm’s more than 170 million strong user base, as well as its digital platforms, mobile payment and business solutions.
Nicko Widjaja, CEO and Investment Director of MDI Ventures, said that the investment will complete the end-to-end e-commerce solutions currently in the VC firm’s portfolio.
“This Investment complements our efforts in e-commerce sector, tackling different market segments of Indonesia’s logistics landscape with different approaches. Logistic technologies have a huge potential for improving the e-commerce landscape in Indonesia. As products become more diverse, e-commerce will need to optimize the supply chain to be delivered as quickly as possible to the customers,” Widjaja said.
Anchanto raised a Series B+ funding round last year from Luxasia Group (Luxasia), an Asian omnichannel retailer, and Transcosmos Inc. Japan (TCI), a TSE-listed global end-to-end e-commerce enabler.
Luxasia is a current customer of Anchanto and TCI is an existing investor, having participated in a Series B funding round in November 2015.
Anchanto’s customers include Nestle, Luxasia, Transcosmos, DKSH, Telkom Indonesia, Pos Malaysia, Essilor, La Roche Posay, ASOS, VIP Plaza, and Bosnet.
For MDI Ventures, Anchanto is the latest e-commerce enabler in its portfolio after end-to-end logistics startup aCommerce and shipment startup Paket ID.