Pidge spent close to four years moving parcels around the same five cities in the Delhi-NCR belt. Then, in November 2025, the Gurugram company raised ₹120 crore (about $13.6 million, as reported by the round’s coverage) in a single stroke — more than three times the roughly $4 million it had raised from institutional investors in its first six years combined.
The round landed less than 20 months after Pidge’s own revenue had fallen by nearly half in a single financial year. What changed in between is a story about an unglamorous logistics-SaaS business that stayed small on purpose, fixed its unit economics before it fixed its geography, and only then let the numbers do the talking.
Quick facts
| Company | Pidge (Pidge Technologies Private Limited) |
| Founded | Incorporated 30 November 2018; platform went live in 2019 (Registrar of Companies filings via Tofler and Instafinancials; Entrackr, November 2021) |
| Founder(s) | Ratnesh Verma (Founder and CEO) and Rushil Mohan (co-founder and chief product and technology officer) |
| Businesses | AI-led logistics-orchestration SaaS connecting self-owned (1PL), dedicated (2PL) and pooled third-party (3PL) delivery fleets on one dashboard; runs the Pidge Powered Network of regional delivery partners; ONDC network participant |
| Latest FY revenue | ₹25 crore (about $2.6 million at $1 ≈ ₹96.0, 18 September 2026, Trading Economics) operating revenue, FY25 (year ended 31 March 2025), as per Inc42, November 2025 |
| Latest FY profit/loss | FY24 (year ended 31 March 2024): net loss margin of about 1.0% of revenue, per Registrar of Companies filings compiled by Tofler; FY25 profit/loss not yet visible in public filings as of September 2026 |
| Listed | Private; unlisted |
| Market value / last valuation | Undisclosed after the November 2025 round (Entrackr; Inc42, both November 2025) |
| Key shareholders / CEO | Ratnesh Verma (CEO); institutional backers include La Vida es Chula, Mountain Partners and Indian Angel Network |
What they do
Pidge is a Gurugram-based logistics-technology company that sells software, not trucks or riders, to businesses that need parcels moved without owning a delivery fleet of their own. Its platform plugs a shipper into a single dashboard that spans that shipper’s own riders (1PL), dedicated regional fleets (2PL) and a pooled network of third-party delivery partners (3PL), with an allocation engine deciding, order by order, which of those options should carry a given package. As of November 2025 the company said it served more than 20,000 brands across over 50 cities, with named clients including Zomato, Swiggy, KFC, Tata 1mg, Snitch and EatClub, spanning quick commerce, food delivery, pharmacy, apparel and general e-commerce (Inc42, November 2025; Entrackr, November 2025; SiliconIndia, November 2025).
The origin
Ratnesh Verma did not come out of a logistics background. Before founding Pidge he worked at the hospitality groups Hyatt and Whitbread, according to his profile on The Org. Rushil Mohan, who joined him as co-founder and now runs product and technology, had a consumer-research and data-analytics background. Pidge Technologies Private Limited was formally incorporated on 30 November 2018, per Registrar of Companies records held by Tofler and Instafinancials, and the founders took the service live commercially in 2019, as later press coverage from Entrackr and Inc42 both describe the company as “founded in 2019”.
The founding insight, as Verma later described it in an interview cited by the research firm Sacra, was a gap he saw between two kinds of Indian delivery businesses: hyperlocal apps that were fast but limited to a small radius, and enterprise logistics firms — the Delhiverys and Blue Darts of the market — that could reach far but moved slowly. His question, per that account, was why speed and reach had to trade off against each other at all. Pidge’s answer was to stop trying to own the fastest fleet and instead build the software layer that could stitch together whichever fleet — a shipper’s own riders, a regional 2PL, or a national 3PL — was fastest for a specific order, using what the company calls real-time order clubbing and dynamic batching (Entrackr, November 2021; Inc42, March 2023).
The struggle years
The company’s first years were narrow by design, then narrow for longer than was comfortable. Pidge launched in Delhi and stayed there. Two funding announcements two years apart — from Entrackr in November 2021 and again from Entrackr in March 2023 — describe the exact same five-city footprint: Delhi, Noida, Faridabad, Gurgaon and Ghaziabad. A company that had already raised outside capital twice was, by its own investors’ press releases, still operating in a single metro cluster nearly four years after launch, while competitors in adjacent categories were expanding nationally.
The founders had also kept the company self-funded for unusually long. Both the 2021 and 2023 funding write-ups note that Verma and Mohan put in roughly $2 million of their own money before taking any institutional capital, and the first outside cheque — $1 million from Indian Angel Network — did not arrive until November 2021, more than two years after the platform went live. A second, larger setback showed up later and on the record: Registrar of Companies filings compiled by Tofler show Pidge’s revenue for FY24 (year ended 31 March 2024) fell by about 48% year-on-year, a contraction that came in the same period the company had just closed its Pre-Series A round in March 2023. A logistics-SaaS company that had raised fresh capital to scale was, on its own filed numbers, shrinking.
The turning point
The reversal came in FY25, the year ended 31 March 2025. Inc42’s November 2025 coverage of the company’s growth round reported that Pidge closed FY25 with about ₹25 crore in operating revenue, a roughly tenfold increase over FY24 — the same FY24 that Registrar of Companies filings show had fallen by nearly half the year before. By the time the ₹120 crore round from La Vida es Chula was announced in November 2025, the company was citing an annualised revenue run-rate of about ₹250 crore, a figure repeated in the same month by Entrackr and by SiliconIndia. On one side of that turning point sits a company that had just posted a shrinking FY24 on filed numbers; on the other, ten months later, sits one growing fast enough and predictably enough to draw a round three times the size of everything it had raised from investors before. Neither Entrackr nor Inc42 disclosed the resulting valuation, so this account treats that number as undisclosed rather than estimating it.
The money behind it
- Founder capital, pre-2021: about $2 million self-funded by Ratnesh Verma and Rushil Mohan before any institutional round (Entrackr, November 2021; Inc42, March 2023)
- Seed, November 2021: $1 million from Indian Angel Network, more than two years after the platform’s 2019 launch (Entrackr, November 2021)
- Pre-Series A, 6 March 2023: $3 million led by Swiss investment firm Mountain Partners, with Indian Angel Network participating again (Entrackr, March 2023)
- Growth round, 19 November 2025: ₹120 crore (about $13.6 million as reported at the time) led by La Vida es Chula, the fund founded by entrepreneur Thomas Meyer, with existing investors also participating (Entrackr, November 2025; Inc42, November 2025)
- Disclosed institutional total: at least $17.6 million raised from named institutional investors across three rounds between 2021 and 2025, on top of the founders’ own $2 million (sums of the individual round figures above, each independently reported by Entrackr)
- Valuation: not disclosed for the November 2025 round by either Entrackr or Inc42; one outlet, Entrepreneur India, reported the valuation had risen “more than 5x” since 2023 without a figure attached, so this account does not state a valuation number
How it makes money
- Pricing structure: per research firm Sacra’s account of an interview with CEO Ratnesh Verma, Pidge charges by package size and distance rather than taking a flat commission on order value — a 125-kilometre delivery is priced to be worth roughly the same to Pidge as about 20 short-radius hyperlocal deliveries
- Unit economics before scale: the same Sacra account states Pidge reached unit-level contribution profitability in under two years of operation, and that the company was modelling toward a 17% gross margin at scale — both company-stated figures, not independently audited
- Network, not fleet: instead of owning trucks or hiring riders directly everywhere, Pidge routes orders across the “Pidge Powered Network” — described by Inc42 as more than 500 regional and national logistics partners across over 100 cities — so its own capital stays out of vehicles and wages
- Allocation software as the product: the company’s “Titan” engine and its order-clubbing and dynamic-batching algorithms are what shippers actually pay for; Pidge’s own reporting to Inc42 claims this cuts order-processing time to under 30 seconds versus what it called an industry standard of about one minute forty seconds
- Government-network channel: Pidge joined the Open Network for Digital Commerce (ONDC) in March 2024, acting as both a logistics buying network participant and a technical services provider, a channel through which government and non-profit partners get subsidised rates (Inc42)
- What people get wrong: Pidge is regularly bracketed with hyperlocal quick-commerce apps such as Zepto and Blinkit, but per Sacra’s account of the founder’s own framing, its actual competitive set splits into that fast-but-short-radius group and the slow-but-long-reach enterprise carriers such as Delhivery and Blue Dart; Pidge is trying to sit in the gap between the two rather than out-deliver either on their own turf
The numbers
Pidge is a private company that does not publish audited results, so the numbers below combine Registrar of Companies filings (via Tofler) with figures the company gave to reporters around its funding rounds. Exact rupee figures for FY22 and FY23 are not visible in the public filings this account could access; where only a band is available, that band is shown rather than an invented point figure.
| Metric | FY24 | FY25 | FY26 (in progress) |
| Revenue | ₹1–10 crore band, down about 48% year-on-year (RoC filings via Tofler) | ₹25 crore operating revenue, up roughly 10x year-on-year (Inc42, November 2025) | Not an actual: company cited an annualised run-rate of about ₹250 crore as of November 2025 and a target to “cross ₹200 crore” in FY26 (Inc42, Entrackr, November 2025) |
| Net profit/loss | Net loss margin of about 1.0% of revenue (RoC filings via Tofler) | Not disclosed in public filings as of September 2026 | Company has stated a target to reach EBITDA breakeven by FY27 (Inc42, November 2025) |
Where the money comes from
- Sector mix: the company’s own client list, repeated across its November 2025 funding coverage, spans quick commerce, food delivery, pharmacy, apparel and general e-commerce — named clients include Zomato, Swiggy, KFC, Tata 1mg, Snitch and EatClub (Inc42; Entrackr; SiliconIndia, all November 2025)
- Client base, by scale: Pidge told Inc42’s dedicated feature on the company that it serves over 10,000 MSMEs on the platform, in addition to the large branded accounts named above — a mostly small-business base sitting underneath a handful of marquee logos
- Geography, by design: the network is explicitly built to over-index on tier II and III cities rather than only the metros that most quick-commerce logistics competes for; the November 2025 funding round was earmarked specifically for “deeper penetration into tier II and tier III markets” (Entrackr, November 2025)
- The surprise: despite the brand-name logos, Sacra’s account of the founder’s own framing describes an expected revenue mix skewed toward high-volume, lower-value long-tail e-commerce shipments rather than the flashier high-GMV branded accounts — the company’s own modelling, per that account, pointed to roughly 85% of volume-linked revenue coming from broad e-commerce shipping rather than headline enterprise deals
The risks
- Dependence on a network it does not employ: Pidge’s entire model rests on more than 500 regional and national delivery partners (Inc42) rather than payroll riders; any regulatory tightening around gig and platform-worker classification, minimum-earnings rules or social-security contributions in India would raise costs across a network Pidge does not directly control, without Pidge necessarily setting the pricing that absorbs it
- Concentration among a handful of large platforms: the named enterprise clients repeated across coverage — Zomato, Swiggy, KFC, Tata 1mg — are exactly the kind of large, well-capitalised platforms that have historically built or bought their own delivery fleets once volumes justify it; losing even one or two of these anchor accounts to in-housing would be a disproportionate hit next to the long tail of smaller MSME shippers
- A young and volatile revenue base: the company’s own Registrar of Companies filings show revenue falling by roughly 48% in FY24 before rebounding roughly 10x in FY25 (Tofler; Inc42) — a swing that size, on a still-small base, means the FY25 growth rate is not yet proof of a stable trend, and a crowded competitive field of Shadowfax, LoadShare, Blowhorn, Shiprocket, Locus and Prozo (Tracxn) leaves little room for another down year
The takeaway
The instructive part of Pidge’s story is not the ₹120 crore round; it is the four years that came before it, when the company chose to stay confined to five cities and, per the account given to Sacra, chased unit-level contribution profitability before chasing geography. Most last-mile logistics businesses in India have done the opposite: expand cities first and hope the margins arrive later, often by burning investor capital to subsidise growth that customer economics could not otherwise support. Pidge’s own filings show that patience did not protect it from a bad year — revenue nearly halved in FY24 — but it did mean that when the numbers turned in FY25, they turned on a base the company said was already unit-economics-positive rather than one still working out whether the product could ever pay for itself. The transferable lesson is narrow but real: a long flat period is not itself evidence of a working business, but it is a precondition for one, if the time is spent fixing the arithmetic of a single delivery rather than adding more cities to lose money in.
Frequently asked questions
What does Pidge do?
Pidge is a Gurugram-based logistics-technology company that sells software connecting businesses to a mix of self-owned, dedicated and pooled third-party delivery fleets, using an allocation engine to route each order to whichever option can move it fastest, rather than operating its own delivery fleet at scale.
Who founded Pidge and when?
Pidge was founded by Ratnesh Verma, who serves as CEO, and Rushil Mohan, who leads product and technology. The legal entity, Pidge Technologies Private Limited, was incorporated on 30 November 2018, and the platform went live commercially in 2019.
How much funding has Pidge raised?
Pidge has disclosed at least $17.6 million in institutional funding across three rounds: $1 million from Indian Angel Network in November 2021, $3 million led by Mountain Partners in March 2023, and ₹120 crore (about $13.6 million) led by La Vida es Chula in November 2025, on top of roughly $2 million the founders put in themselves before any of those rounds.
Is Pidge profitable?
Not yet, on the numbers available. Registrar of Companies filings compiled by Tofler show a net loss margin of about 1.0% of revenue for FY24 (year ended 31 March 2024). Pidge has told reporters it is targeting EBITDA breakeven by FY27, but that is a stated target, not a reported result.
What is Pidge’s business model?
Pidge charges shippers by package size and distance rather than a flat commission, according to an account of the founder’s own description given to research firm Sacra, and says it reached unit-level contribution profitability within two years of launch. It earns primarily by orchestrating deliveries across its Pidge Powered Network of over 500 external logistics partners rather than by owning delivery capacity itself.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Entrackr, “Logistics platform Pidge raises $1 Mn”, November 2021
- Entrackr, “Logistics firm Pidge raises $3 Mn in pre-Series A Round”, March 2023
- Entrackr, “Pidge raises Rs 120 Cr in growth capital led by LVEC”, November 2025
- Inc42, “Pidge Raises INR 120 Cr To Deepen Presence In Tier II & III Cities”, November 2025
- Inc42, “How Pidge Is Powering India’s Ecommerce Boom With Next-Gen Logistics Tech”, 2025
- Entrepreneur India, “Logistics Firm Pidge Secures INR 120 Cr Funding”, November 2025
- SiliconIndia, “Pidge Raises Rs 120 Crore to Expand AI-Led Last-Mile Logistics Network”, November 2025
- Tofler, Pidge Technologies Private Limited company financial filings, accessed September 2026
- Instafinancials, Pidge Technologies Private Limited company profile, accessed September 2026
- Tracxn, Pidge company profile, accessed September 2026
- Sacra, “Ratnesh Verma, CEO of Pidge, on on-demand delivery logistics in India”, accessed September 2026
- The Org, Ratnesh Verma profile, accessed September 2026
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