Noida-based supply chain platform Prozo on Tuesday said it has raised pre-Series B funding of $5.4 million (around Rs 45 crore) led by Sixth Sense Ventures, with participation from Jafco Asia and other investors.
The startup will use the fresh funds to develop its software-as-a-service vertical and to expand its warehousing and logistics network.
Founded by Ashvini Jakhar in 2015, Prozo enables fulfillment through its pan-India warehousing and freight network along with a supply chain tech stack. It offers enterprise-grade supply chain services to companies across segments and sizes on a pay-per-use model.
It claims to offer its services to 100 brands through its network of 30 omnichannel fulfillment centres across 12 locations.
“Just like companies don’t set up their servers these days but opt for AWS-like services, companies don’t need to set up their own supply chains, but opt for a full-stack, enterprise-grade, pay-per-use supply chain partner like Prozo,” said Jakhar.
Last year, Prozo has raised Rs 76 crore in a funding round led by Sixth Sense Ventures with participation from Jafco Asia and high net worth individuals (HNIs). So far, it has raised Rs 131 crore in total funding.
“Large enterprises as well as fast-growing D2C brands including the likes of Tata Consumer, Reliance, Hyundai, WH Smith, Snapdeal, Soothe Healthcare, Traya, Pepe Jeans, Leap and Vahdam entrust Prozo with their supply chain management,” said Nikhil Vora, founder and chief executive officer, Sixth Sense.
Sixth Sense was founded in 2014 by Nikhil Vora, former managing director and co-head of research at IDFC Securities. Last year, the startup invested $10 million in the Series-A funding round of the business-to-business (B2B) marketplace ProcMart.