Reefknot Investments, a joint venture between Temasek Holdings and Kuehne + Nagel, has invested in Pickupp, on-demand delivery, and digital business in Southeast Asia.
Pickupp has now secured roughly $20 million in total cash in its Series A financing.
More than three months ago, the firm received US $15 million in Series A and A+ funding from Taiwanese e-commerce behemoth PChome and Cornerstone Ventures. In addition to Swire Properties, Cathay Venture, DRIVE Catalyst, Jardine Matheson Group, and Zipx from Hong Kong, the round included Swire Properties, Cathay Venture, DRIVE Catalyst, and Jardine Matheson Group and Zipx.
Pickupp will utilise the money to improve operating efficiency in Singapore, Hong Kong, Taiwan, and Malaysia, in order to meet the rising demand for online-to-offline services.
The funds will also be used to expand the company’s dispatch network; over the next six months, it plans to open at least 10 new satellite warehouses in the city-heartland. state’s
The firm’s drive to grow its walker delivery agent pool to boost delivery efficiency during peak traffic hours and decarbonize its operations with sustainable deliveries coincides with the launch of these additional dispatch stations.
To satisfy the increasing need for last-mile delivery, the tech company aims to develop technology to expand the capabilities and cost savings of its existing goods, as well as launch new services.
Pickupp, which was founded in 2016, offers “flexible,” tech-driven logistics solutions to businesses of all sizes. Customers may schedule a delivery at any time, without losing speed or cost, thanks to highly optimised batching and chaining technologies and real-time GPS tracking.
In 2020, Pickupp will introduce Shop on Pickupp, a one-stop e-commerce platform that will provide companies with all-around payment and tech-enabled delivery options.
Pickupp will offer a new self-drop-off service to meet the evolving delivery demands. It will offer next-day delivery with no minimum order, at low prices that will benefit small enterprises, online marketplace users, and individuals. Customers may place an order, drop off their package at any dispatch point, and receive next-day delivery with real-time GPS tracking from Pickupp.
Pickupp has offices in Hong Kong, Singapore, Malaysia, and Taiwan, and provides logistics services to over 20,000 companies, including multinational corporations, logistics conglomerates, and retail and e-commerce enterprises. It employs over 100,000 delivery agents across the country.
“Heavy road traffic and carbon emissions are major challenges for the logistics industry in today’s day and age, and the spike in e-commerce and delivery orders will worsen the conditions if left ignored,” said Lee. “Sustainability is a long-term goal of ours, and we aim to achieve net-zero operations in the years to come. Therefore, we are taking on a unique approach to tackle these challenges by building and improving our walker network,” said Lee Chee Meng, co-COO at Pickupp Singapore.
