Ratan Tata-backed Mailit, a technology-driven mailroom management and logistics company, is looking to raise $10 million in a series A funding round, the company said on Monday.
Mailit, operated by Mailit Mailroom Management Solutions Pvt. Ltd has also raised an undisclosed sum in debt funding as a bridge round before raising its Series A.
The funding was completed through PSI, a global network for venture and private equity investors.
Mailit works with companies like Adani Group, SBI, Asian Paints, L&T, Raymond, IndusInd Bank, Ultratech Cement, Emerson, Sandvik Asia, and Larsen & Toubro among others. The clientele also includes an agreement with Tata Group’s 73 Group Companies.
Mailit offers courier, cargo, 3PL (third-party logistics), mail room management digital solutions, and postal services.
“Last year, when we raised funding from Ratan Tata, Mr Tata backed us as he believed that the Mailit platform will bring in cost optimization, build efficiencies in the supply chain and create employment opportunities across India,” said Mahesh Shirodkar, founder, Mailit.
Mailit aims to build India's first digitally Integrated logistics & Mailroom Solutions (IL&MS) platform bringing consolidation, enhanced efficiency and visibility to a fragmented marketplace.
Interestingly, Shirodkar started his career as a mail room delivery boy for Tata Motors 20 years back.
“Mailit has transformed from a regular courier business to a tech-driven logistics & mobility startup. While B2C has always had real-time Cargo tracking, Mailit has launched this for Indian B2B clients,” said Samir Dahotre, founder and chief executive officer, PSI.
Ratan Tata, the Tata Sons chairman emeritus has been in the past, he has backed companies like Snapdeal, Kaaryah, Bluestone, CarDekho, DogSpot, and Urban Ladder, among others.
PSI VC is an investor network, with over 1,500 investors from 400 VC, PE, and family offices from 21 countries. The network operates from a sector-agnostic approach and typically helps to raise up to $100 million. It focuses on fundraising, corporate sales and strategic alliances.