Anchanto, an India and Singapore based B2B Software-as-a-Service startup specializing in eCommerce technology, has now secured $12.1 million in its ongoing series C round.
The investors in this funding round included Asendia, and MDI Ventures.
Anchanto will now going to use the funds to strengthen its research and development portfolio to launch two new products, build a data platform, and expand to three more markets.
The startup will also invest in hiring skilled talents to enhance and accelerate the launch of its new products into markets, especially with the demand for the SaaS solutions on the rise.
Commenting on the funding, Vaibhav said, “Achieving profitability in these times is an excellent performance; I feel this is a more significant achievement than raising $12 million in the middle of the COVID-19 crisis. We are a capital-efficient company. One hundred percent of our revenue comes from a SaaS subscription with a high gross margin; we do not buy inventory or run services shops or warehouses.”