Pidge, a supply marketplace and interoperable last-mile logistics platform, announced on Wednesday that it has raised Rs 120 crore in growth capital. The round was led by La Vida es Chula (LVEC), a capital fund founded by entrepreneur and investor Thomas Meyer, along with participation from existing investors.
The Gurugram-based startup will use this investment to expand further into Tier II and Tier III markets. Moreover, it plans to strengthen its product and technology capabilities through continued innovation in AI and data science. The company also intends to pilot its logistics operating system in select international markets as part of its global ambitions.
Founded in 2019, Pidge operates a technology-driven logistics platform that offers last-mile delivery solutions for both businesses and individuals. The B2B startup currently serves over 20,000 brands across quick commerce, e-commerce, retail, pharma, and apparel sectors. Its client list includes major names such as Zomato, Swiggy, KFC, Tata 1mg, EatClub, and Snitch, and its services now span more than 50 cities.
Commenting on the fundraiser, Ratnesh Verma, founder and CEO of Pidge, said, “As India manifests its vision of single-digit logistics costs and 2x e-commerce every 3 years, Pidge is poised to be the foundation for that growth with the country’s largest, interoperable, last-mile logistics platform. This capital accelerates new propositions and markets and doubles down on efficient, sustainable, scalable growth. We’re delighted to welcome Thomas Meyer and LVEC to our cap table as the lead investor.”
The startup claims it has recorded 10X annual growth and is currently operating at an annual run rate of Rs 250 crore. Additionally, Pidge reported that its valuation has increased more than 5X since its previous funding round.
Expressing his confidence in the company, Thomas Meyer, founder and CEO of LVEC and Desigual, said, “I am excited to be a part of Pidge and have always backed founders who compound value with discipline. Ratnesh, as an accomplished global business leader, has built Pidge with intent. I have full confidence in the technology and team he has built to continue to stay ahead as e-commerce in India changes… We believe in the Indian growth story and see the potential in Pidge to set a new standard of reliability for Indian commerce. Their compliance, governance, technology, and innovation are impressive.”
