Radar Ventures Pvt Ltd, which runs full-stack digital cross-border supply chain platform Wiz Freight, on Thursday said it has secured Rs 275 crore ($36.6 million) in a mix of equity and debt led by Tiger Global Management.
The round also saw participation from Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital, with angel investors Ramakant Sharma, Co-Founder of LivSpace and Daniel Richner, Chairman of M+R Spedag Group, a Swiss based logistics conglomerate.
Though the company did not disclose the break-up of equity and debt, but claimed that the equity investment marked the largest Series A funding in Indian logistics.
Wiz Freight said it plans to boost its technology research and development and also eyes expansion in 15 countries across Southeast Asia, the Middle East and Africa, having its headquarters located in Singapore and Dubai.
The firm said it is also to looking to double its headcount as it plans to open two new tech research and development centers in Bengaluru and Singapore by the end of 2022, where it will carry further development of its AI and ML (machine learning), blockchain & IoT (internet of things) capabilities to offer intelligent and connected cross-border shipping to its customers.
Founded in August 2020 in Chennai by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight enables exporters and importers in emerging markets to book and manage their cross-border shipments on its tech platform.
Wiz Freight said its AI (artificial intelligence)-powered platform offers instant capacity discovery, dynamic pricing, optimized routing, door to door tracking and automated document workflows saving countless hours for shippers.
It claims to serve over 1,500 enterprise and mid-market customers across India, Southeast Asia and Middle East.
The Chennai-based platform also added that its customer roster includes companies like Adani, Mahindra, Tata, Aditya Birla and ITC.
“Global trade is witnessing all-time high volatility in capacity and rates led by pandemic and the recent geopolitical events causing massive disruptions in supply chain planning and execution for shippers,” said Ramkumar Govindarajan, Chief Executive Officer, Wiz Freight.
“We’re helping customers take control of their supply chains by offering 10x shipment visibility, intelligent risk-optimized routing solutions and multi-carrier capacity offerings through our tech platform and build maximum resilience to avoid business disruptions,” Govindarajan added.
