Pickkup set to expand presence beyond Hyderabad
The startup plans to raise seed capital in the upcoming financial year to fuel its expansion plans including establishing operations in multiple cities and hiring new fleet.
Hyderabad: Having established a first-of-its-kind local delivery model for on-demand delivery services for enterprises in Hyderabad, last mile delivery startup Pickkup is now aiming to expand its services to South’s major metropolitan cities Bengaluru and Chennai, apart from starting operations in Vijayawada and Visakhapatnam this year.
With plans to have operations in five cities over the next few months, Pickkup aims to reach a revenue of Rs 10-12 crore by the next financial year 2021-22. The startup plans to raise seed capital in the upcoming financial year to fuel its expansion plans including establishing operations in multiple cities and hiring new fleet. Over the next two fiscal years, Pickkup aims to have operations in eight cities with an expected revenue of Rs 50 crore.
“Since many of our existing customers are requesting delivery support in Bengaluru and Chennai as well, these cities are on our immediate agenda, to be followed by other top tier cities. We are looking to raise upto Rs 7 crore including contribution from promoters to fund this expansion,” said Hemanth Chandra, Founder and CEO of Pickkup.
The startup is expected to achieve breakeven by June quarter and achieve gross profitability by 2021 itself. It is expected to achieve 1 lakh orders per month by June 2021.
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