Full-stack supply chain, warehousing, and logistics startup Prozo has raised $10 million in a Series A round led by Sixth Sense Ventures. Jafco Asia and HNIs also participated in the round.
The funds will be used to expand Prozo’s warehousing and fulfillment footprint, client base, technology and analytics capability, according to a statement.
Founded in 2016 by Dr Ashvini Jakhar, a former Lieutenant Commander with the Indian Navy and ex-McKinsey consultant, Prozo provides end-to-end supply chain solutions and ‘Prime like’ (same day, next day delivery) fulfillment to SMEs, D2C brands, and enterprises on a pay-per-use model.
The company’s technology stack includes Warehouse Management System (ProWMS), Unified Order Management System (ProOMS), Freight Recommendation & Transport Management System (ProShip), Intelligent Inventory placement Product (ProPlanning), and Insights & Analytics Product (ProInsights).
The company serves clients like Reliance JioMart, McGraw Hill, Lavie, WinMagic Toys, and other D2C brands across more than 10 categories. Prior to this round, Prozo had raised capital from Earlsfield Capital Partners LLP and other prominent angels.
“Prozo is revolutionizing the ecommerce supply chain for brands and enterprises via its full-stack, end-to-end, multi-channel fulfillment 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 percent month-on-month. We are elated to join hands with Sixth Sense and leverage their expertise and network in the consumer universe,” said Dr Jakhar, Founder and CEO, Prozo.
Dexter Capital Advisor was the exclusive financial advisor to Prozo in its Series-A fund raise.
“Prozo is solving a key problem in a very large market. By 2025, India’s ecommerce market is expected to cross $200 billion, and there would be nearly 340 million ecommerce customers. Hundreds of enterprises, thousands of D2C brands, and over a million SMEs will compete to serve this humongous customer base. We are excited about the pivotal role Prozo will play as a tech-driven integrated supply chain partner to these companies,” said Nikhil Vora, Founder, Sixth Sense Ventures.
Founded in 2014 by Nikhil Vora, Sixth Sense Ventures domestic consumer-centric venture fund. The platform currently manages over $500 million across three funds.
The platform is currently investing out of its third fund, which has completed 21 investments including Parag Milk Foods, Nobel Hygiene, Fraazo, Open Secret, Stylam, GoodDot, Neeman’s, Rage Coffee, Design Café, Bira 91, Storia, Giva, Freecultr, Dogsee Chew, Wonderchef, Vedic Cosmeceuticals, Unbox Robotics, Veeda Clinical Research, Direct (Shop Kirana), Altigreen and Prozo.
Prozo seems to be a fascinating startup with motivating advancement sixth sense ventures. I’m sure this startup would continue to flourish in its journey ahead. My best wishes to the entire group Prozo. This will give them tremendous accomplishments in the future.Shishir Gupta, Founder and CEO, StartupLanes
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