Logistics Startup Pickkup Secures $500,000 in Seed Funding

Pickkup, a logistics provider specializing in mid-mile and last-mile delivery solutions, has raised $500,000 in seed funding led by We Founder Circle (WFC). The round also included participation from angel investors from India, Australia, and the United States, the company announced on February 27, 2024.

The Chandigarh-based startup plans to use the funds to expand its electric vehicle fleet, strengthen its team, and invest in technology to improve logistics efficiency. Pickkup operates with a 100% electric fleet and aims to reduce carbon emissions in the light commercial vehicle (LCV) delivery segment.

"Our vision is to build a sustainable, tech-driven logistics ecosystem that maximizes fleet utilization while minimizing environmental impact," said Ankush Sharma, Co-Founder and CEO of Pickkup. The company intends to optimize cross-utilization of its electric vehicles to ensure they remain operational for maximum hours daily, capitalizing on the lower operating costs of electric vehicles.

Neeraj Tyagi, Co-Founder and CEO of We Founder Circle, expressed confidence in the investment, citing the firm's previous successful investments in logistics companies including Zypp Electric, Evify, and Traqo.

Founded by Ankush Sharma, Chandra Shekhar, and Upma Sharma, Pickkup enters a growing logistics market where sustainability has become increasingly important. The Indian logistics sector has seen significant growth in recent years, with the last-mile delivery segment expanding rapidly due to the rise in e-commerce and quick commerce services.

The investment comes at a time when India is pushing for greater electric vehicle adoption across commercial segments to reduce pollution and meet climate commitments. Government initiatives including subsidies for electric commercial vehicles and improved charging infrastructure have created a more favorable environment for companies like Pickkup operating in the sustainable logistics space.