Prozo Distribution Pvt Ltd which operated supply chain, warehousing and logistics focused startup Prozo, has raised $10 million (Rs 76 crore) led by Sixth Sense Ventures with participation from Jafco Asia and high net worth individuals (HNIs).
The Noida-based company will use fresh funds to expand the its infrastructure, tech capability and market coverage across the country, the statement said.
Earlier, Prozo had raised capital from Earlsfield Capital Partners LLP and other angel investors.
Founded in mid 2014 by Dr Ashvini Jakhar, a former Lieutenant commander with the Indian Navy and ex-McKinsey & Company consultant, Prozo offers Amazon-like fulfilment centres to Small and medium enterprises and direct to consumer brands. The company serves clients like Reliance Jio, WH Smith, McGraw Hill, MPL Sports, DaMENSCH, Lavie, WinMagic and Wolters Kluwer among others.
“Prozo is revolutionizing the e-commerce supply chain for brands & enterprises via its full-stack, end-to-end, multi-channel fulfilment solutions. Deeper penetration of e-commerce and proliferation of brands has led to strong tailwinds for the business that has been growing close to 40% month on month, Jakhar said.
In October, Prozo appointed three executives to its leadership team, it appointed Sagar Hawaldar (previously Country Head, India for Airtricity, a wind energy company) as Chief Revenue Officer, Arindam Bhattacharya (Previously Head - Fashion and Luxury Vertical at Holisol Logistics) and Vinay Reddy (Previously regional Business Head for South India at TVS Logistics) both as Vice President - Business Development.
Dexter Capital Advisor was the exclusive financial advisor to Prozo in its Series-A fund raise.
Nikhil Vora, Founder and CEO of Sixth Sense Ventures said, “Prozo is solving a key problem in a very large market. By 2025, India’s e-commerce market is expected to cross $200 billion with nearly 340 million e-commerce customers. Hundreds of enterprises, thousands of D2C brands and over a million SMEs will compete to serve this humongous customer base.“
Sixth Sense Ventures currently manages over $500 million across three funds. The platform is currently investing out of its third fund, SSIO III which has completed 21 investments including Parag Milk Foods, Nobel Hygiene, Fraazo, Open Secret, Stylam Industries Limited, GoodDot, Neeman's Shoes, Rage Coffee, Design Cafeé, Bira 91, Storia Foods and Beverages, GIVA, FREECULTR, Dogsee Chew, Wonderchef among others.
