E-Commerce Service Pickupp Raises US$15mn in Funding
Operating in Hong Kong, Taiwan, Malaysia, and Singapore, Pickupp is an express, same-day, and next-day e-commerce delivery service. The company leads the smart logistics and courier market in Asia and Singapore, serving 10,000+ merchants, delivering 9m+ parcels, and employing 30,000+ delivery agents on standby each day. Now, the firm has gained new investments from PChome, Cornerstone Ventures, Drive Catalyst, and existing partner Swire Properties.
With the new funding, Pickupp will capitalise on soaring Asian e-commerce growth during the pandemic. ‘This demand is not going away anytime soon’, said Crystal Pang, Pickupp’s co-founder and CEO. ‘This is an excellent way to provide flexible and highly transparent delivery solutions for whichever business sectors we serve’.
Where is Asian E-Commerce Headed?
According to Forrester, Asian online retail sales will grow at a CAGR of 11.3% from 2019 to 2024. Consumers are used to scanning QR codes, tracking online deals, and filling their virtual shopping carts. In 2020, 75.8% of online retail sales came from people tapping smartphones, and by 2024, smartphone sales will likely be worth US$2tn.
In this type of market, businesses like Pickupp can help traditional retailers compete. In Singapore, the company worked with a live seafood auction seller to grow her delivery volume by 40% and save seven hours per day. Across the board, it offers Express Delivery from US$12 per order, same-Day delivery from US$8, and next-day from US$3.20. Said Pang: ‘People are more willing to try out new websites and new e-commerce players’.
What Are Pickupp’s Core Features?
On-demand courier, 7 days a week
24/7 real-time GPS tracking
Insured up to SGD $200
Cash on delivery
Drop-off photos and e-signatures
According to Lee Cheng Meng, Co-Chief Operating Officer at Pickupp Singapore, the company has seen a 20% increase in express deliveries in Singapore in just the past month. Its user base has grown 250% since the start of the global pandemic. In fact, to meet demand, the company launched its Shop On Pickupp platform, an e-commerce platform—and has refused to look back.
Following its recent Series A+ funding round, Pickupp is now focused on the future. ‘The pandemic triggered a seismic shift in consumer behavior’, said Pang. ‘We’re pleased to have such strong support from new and existing investors’. Indeed, US$15mn is a sizable sum to work with. She concluded: ‘Through our tech-driven solutions and services, we will be able to significantly enhance the support we provide to SMEs and help them meet the growing demand of the digital economy’.
- Top 10 most valuable unicorns in China – phones to dronesCorporate Finance
- Top 10 fastest-growing companies across the Asia-PacificCorporate Finance
- Top 10 best-performing Australian companies: mines to banksCorporate Finance
- Meet the company: ecommerce pioneer Lazada marks 10 yearsTechnology