Pickupp, a Singapore-based on-demand delivery business, has secured $37 million in a Series B fundraising round headed by Jardine Matheson’s Innovate Jardines, an innovation fund.
Swire Properties, a major Hong Kong property developer; PChome, an online shopping platform; Reefknot, a global venture capital fund powering high-growth technology-centric startups; Cathay Venture Inc., a subsidiary of Cathay Financial Holding Co., Ltd.; and DRIVE Catalyst, the corporate venture arm of Far Eastern Group, are among the existing investors.
The latest fundraising comes a year after its Series A round, which closed in November 2020, and four months after its Series A+ round, which closed in July 2021, bringing the company’s total capital to $52 million.
Pickupp will use the funds to extend its foothold in Southeast Asian regions, particularly Malaysia. Consumers will benefit from statewide coverage and a network of self-pickup and drop-off locations across Malaysia, which will provide more accessibility, flexibility, and convenience.
“We are seeing tremendous strategic growth across industries, as businesses in Malaysia are embracing and exploring an innovative e-commerce model,” said Crystal Pang, co-founder and CEO at Pickupp.
The funds will also be used to improve the firm’s regional logistics network infrastructure, allowing it to expand in Quick commerce and e-commerce. Pickupp intends to use the “logistics network as a service” concept to meet the company’s ever-changing delivery demands.
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, the company will create Shop on Pickupp, a one-stop e-commerce platform that will provide companies with all-encompassing payment and tech-enabled delivery options.
Pickupp has added a new self-drop off the option 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.
By utilising satellite warehouses, multi-city warehouse expansion, and developing ties with Kirimman and Parcelhub, the company is creating an ecosystem for SME and people in Malaysia with a network of readily accessible pick-up and drop-off (PUDO) sites.
“Today’s customers are looking for a more personalised and flexible logistics service, not only last-mile deliveries but next-day deliveries with no minimum order at affordable rates where customers and small businesses can enjoy a wider range of options,” said Calvin Ma, co-COO of Pickupp.
“We have taken a similar approach to the warehouse, as we do to our delivery agents – we leverage existing, available resources rather than invest in developing new ones. With this nimble and efficient approach to using resources and idle capacity in the market we aim to make Pickupp the leading logistic network in Malaysia,” Ma added.
The firm claims to have assisted over 24,000 enterprises, including global corporations, with a delivery staff of over 100,000 agents spread throughout all locations.
Pickupp established its initial foothold in Malaysia earlier this year, with its first regional base in Penang and a second in Johor. Pickupp’s logistics network includes over 23,000 active merchants and over 26,000 delivery agents around the nation. The company also saw a 94% increase in user base in the market, thanks to partnerships with 3PLs and logistical behemoths.
To date, the firm has operations in Hong Kong, Singapore, Malaysia, and Taiwan, and it provides logistical support to over 20,000 organisations, including multinational corporations, logistics conglomerates, and retail and e-commerce companies. In the region, it also has partnerships with PChome and Lazada.
