Singapore: Anchanto, a Singapore-based B2B software-as-a-service (SaaS) company, on Friday said that it has received new C-funding as part of its ongoing Series C round, totalling S $ 16.6 million raised till date.
Taking part in the C-funding round were Asendia, a joint-venture of the French National Post La Poste and State-run Swiss Post, and MDI Ventures, the corporate venture arm of Indonesian telco firm Telkom Indonesia.
Anchanto will use the funds to strengthen its research & development portfolio to launch two new products, build data platform and expand to three more markets. The company will also invest in hiring skilled talents to enhance and accelerate the launch of its new products into markets – especially with the demand for SaaS solutions on the rise.
“Achieving profitability in these times is an excellent performance; I feel this is a more significant achievement than raising USD 12M in the middle of the COVID-19 crisis. We are a capital-efficient company. 100 pc of our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses,” said Vaibhav Dabhade, CEO and Founder of Anchanto. “It took strong resilience, deep understanding of product design, engineering, marketing, sales, account management, and solid teamwork across seven countries to reach here.”
This round also marks the start of Anchanto’s partnership with Asendia AG, an European cross-border eCommerce shipping and mail services giant, as a new shareholder. Aligned with Anchanto’s unique approach to raise C-funding from its key customers, Asendia is the fourth customer to turn into a shareholder after MDI (Telkom Indonesia), Transcosmos Japan, and Luxasia. MDI Ventures is a corporate venture capital initiative by Telkom Indonesia – which increased its stake further by adding to their existing investment. Marc Pontet, CEO of Asendia, and Donald Wihardja, CEO of MDI Ventures will be joining Anchanto’s board.