Singapore's Anchanto raises $12m funding round

The fundraise was co-led by MDI Ventures, the corporate venture arm of Indonesian telecommunications player Telkom Indonesia, and Asendia, a joint venture between French National Post La Poste and State-run Swiss Post. Other investors in the company include Luxasia, Cub Capital, Transcosmos Japan, Cocoon Capital, and Innosight Ventures.

Founded in 2011, Anchanto offers two main cloud-based software products. It initially developed Wareo, a warehouse management solution, and then launched SelluSeller, a multi-seller order management system. The company claims the products help enterprises achieve higher productivity by automating various aspects of e-commerce management.

Anchanto is active in 14 markets and has offices across India, Southeast Asia and Australia. The company says sellers process over four million orders per week on its software platforms. It will use the new capital to strengthen its team, launch two new products, build a data platform, and expand into three more markets. The company recently launched operations in South Korea and Australia and New Zealand.

Alongside the funding commitment, Asendia, which specializes in cross-border e-commerce shipping and mail services in Europe, will also introduce Anchanto’s solutions to various global brands.

“We see investment from Asendia as our gateway to European markets. 70%-plus of investment in Anchanto has been from our customers, which is a great testimony of how powerful and stable our platforms are and the trust global companies have in us,” said Vaibhav Dabhade, CEO and founder of Anchanto, according to a blog post.

The company claims to have achieved profitability this year due to increased demand for its software solutions. Enforced shutdown measures due to COVID-19 have seen many more customers use SelluSeller to adopt omnichannel retail solutions so that products and services can be sold online. 

Over the years, Anchanto says it has worked with more than 12,000 businesses and sellers and helped streamline the e-commerce operations for more than 300 enterprises. 

Several other software-as-a-service firms serving enterprise customers originating from Southeast Asia have also received VC backing this year. They include cybersecurity firm Horangi, invoice trading platform Incomlend, talkbot provider Wiz.Ai, SME financing platform Validus and Insider, a start-up that helps companies develop marketing campaigns. All these companies are headquartered in Singapore.

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• Topics
• Technology
• Southeast Asia
• Expansion
• Singapore
• Indonesia
• MDI Ventures