Logistics-technology startup Freightwalla has raised $4 million (approximately Rs 28.30 crore at current exchange rates) in its Series A funding round from a clutch of investors.
Venture capital firms such as the US-based Amplo, FJ Labs and Rogue One Capital participated in the funding round. Existing investors such as Kae Capital and Tekton Ventures also contributed to the round, Freightwalla said in a statement.
Sanjay Bhatia, co-founder and chief executive officer at Freightwalla, said the latest funds will be used for geographical expansion and enhance the technological infrastructure. “Since the last round of funding we have witnessed a nine-time growth in our volumes, eight-time growth in revenue and a five-time growth in our team size,” he said.
Company co-founder and chief executive officer Sanjay Bhatia said the Series A funds will be used to expand Freightwalla’s geographical reach as well as upgrade its technological infrastructure. “Since the last round of funding we have witnessed a nine-time growth in our volumes, eight-time growth in revenue and a five-time growth in our team size,” Bhatia said.
Separately, Sheel Tyle, founder and CEO at Amplo, said the firm was confident in its investment in Freightwalla because of its being well-positioned to bring “price visibility and shipping accuracy” to importers and exporters of Indian cargo.
Freightwalla, operated by BTJ Logistics Pvt. Ltd, was founded by Sanjay Bhatia, Bharat Tanvi and Punit Java in 2017. The firm says it runs a full-stack digital platform that lets businesses plan, book and manage their international freight shipments online.
Mumbai-based Freightwalla says its platform helps in minimising operational errors, reduce overall logistics costs and the time taken for freight to ship.
It currently covers door-to-door movements in western India, and its clients hail from a range of sectors, including pharmaceuticals, engineering and manufacturing, textiles and food and agricultural products.
In 2018, Freightwalla raised an undisclosed sum from venture capital firms Kae Capital and San Francisco-based Tekton Ventures. At the time, it said it would use the capital to push sales, improve operations and to further develop its technology platform.
Deals in the logistics-technology segment
Investor interest in the logistics-technology segment has increased in recent months as startups seek to provide new-age services at scale and affordable prices.
Last month, reports said Blackbuck raised Rs 56 crore (around $7.83 million) in mixed equity and debt funding round from venture debt fund Trifecta Capital. Blackbuck’s board has approved allotting Trifecta 322 Series D compulsorily convertible preference shares and 500 Series A non-convertible debentures.
In the same month, Info Edge (India) Ltd, which owns and operates portals such as job site Naukri.com, led a pre-Series A funding round in the digital logistics platform Shipsy. The Gurugram-based Shipsy said in a statement that it would use the funds for its sales and marketing efforts, and broadening the product offerings under its exporter-importer platform.
In May, logistics management startup Locus raised $22 million (around Rs 196 crore) in its Series B funding round led by Falcon Edge Capital and Tiger Global Management LLC.
