Sixth Sense Ventures led a $10 million (Rs 76 crore) funding round for Prozo Distribution Pvt Ltd, a supply chain, warehousing, and logistics oriented firm. Jafco Asia and high net worth individuals also participated (HNIs).
According to the announcement, the Noida-based company would use the new cash to expand its infrastructure, technology capabilities, and market presence across the country.
Prozo, founded in mid-2014 by Dr Ashvini Jakhar, a former Lieutenant commander in the Indian Navy and ex-McKinsey & Company consultant, provides SMBs and direct-to-consumer firms with Amazon-like fulfilment centres. The brand serves clients like Reliance Jio, WH Smith, McGraw Hill, MPL Sports, DaMENSCH, Pee Safe, 10Club, 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 stated.
Sagar Hawaldar (previously Country Head, India for Airtricity, a wind energy company) was named Chief Revenue Officer in October, and Arindam Bhattacharya (formerly Head – Fashion and Luxury Vertical at Holisol Logistics) and Vinay Reddy (previously regional Business Head for South India at TVS Logistics) were both named Vice Presidents – Business Development.
During its Series-A funding round, Dexter Capital Advisor served as Prozo’s only financial advisor.
“Prozo is solving a key problem in a very broad market,” stated Nikhil Vora, Founder and CEO of Sixth Sense Ventures. With almost 340 million e-commerce clients, India’s e-commerce business is predicted to surpass $200 billion by 2025. Hundreds of companies, thousands of direct-to-consumer brands, and over a million small businesses will battle to serve this massive customer base.”
