Business-to-business logistics startup Freight Tiger has raised $6.5 Mn led by Florintree Infra LLP. The fresh round of funding also saw participation from Lightspeed India Ventures, Moonstone Investments, Pawan Munjal Family Trust and Ritesh Agarwal’s Aroa Ventures.
As per the recent regulatory filings accessed by Inc42, Florintree Infra which is led by former Blackstone India executive Mathew Cyriac received 51,435 Series B3 compulsorily convertible participating preference for INR 19.3 Cr. Earlier, Freight Tiger had allotted 7974 Series B3 CCPS to Florintree Infra for INR 2.9 Cr.
Filings revealed that the startup raised INR 11.26 Cr by allotting a total of 33,580 Series B2 CCPS. Lightspeed India partners pumped in INR 6.5 Cr for 19,468 Series B2 CCPS, whereas, Moonstone Investments Limited infused INR 1.23 Cr for 3,677 Series B2 CCPS. Pavan Munjal Family trust invested 2.5 Cr for 7457 Series B2 CCPS.
In April, last year, the startup in its regulatory filing said that it has allotted 76,872 Series B1 CCPS for INR 25.7 Cr. The startup allotted 32,945 Series B1 CCPS to Lightspeed India Partners for INR 11 Cr, whereas Moonstone Investments received 43,927 Series B1 CCPS for INR 14.7 Cr.
It is worth noting that Lightspeed Venture Partners led Freight Tiger’s last round of $8 Mn in 2019. Back then, Alsthom Industries, the cement grinding unit of Dalmia Bharat Cements and Pawan Munjal Family Trust also participated in the round. In 2017, the startup had raised $2 Mn.
This round seems to be a part of the Series B round that the startup is planning to raise in the coming days. The startup is likely to raise more rounds of funding before it closes its Series B round. As per the regulatory filings, Freight Tiger seems to have kickstarted its Series B round early last year.
On the new development, founder Swapnil Shah in a statement said, “We are excited to leverage Mathew’s expertise in the logistics industry and scaling companies. We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform. Our differentiated approach of software led end-to-end digitization is bringing the ecosystem together and making the $125bn Indian freight market more seamless, collaborative & transparent. We are on track to hit $100mn in annualized Gross Revenue by the end of this fiscal year.”
Freight Tiger was founded by Shah in 2014 and at present has over 300 shippers and more than 4K transport companies on its platform. The logistics startup boasts of having marquee clients such as Saint Gobain, Dalmia Group, JSW Steel, BLR Logistiks, Patanjali, Kohler, and MRF among others.
India’s third-party logistics market is expected to grow by $10.74 Bn at 7.8% CAGR during 2021-2025 as per Technavio’s report. Earlier last week, logistics unicorn Delhivery closed INR 558 Cr from Lee Fixel’s Addition LLC as part of Series I round. The year also saw Blackbuck, another logistics startup turn unicorn after raising $67 Mn at a valuation of $1.02 Bn.