Chennai-based Wiz Freight, a full-stack digital freight forwarder for modern-day logistics, has received INR 20 Cr in debt funding from Stride Ventures. The startup plans to use the funding for hiring, tech development and global expansion in 2022.
“We have grown 25X in the last 12 months and have established a presence across 10 Indian cities. We are planning to invest in hiring, tech development and global expansion in 2022” said Wiz Freight cofounder Ramkumar Govindarajan.
Founded in 2020, Wiz Freight offers end-to-end shipment management solutions, handling price discovery, booking management, shipment tracking, documentation, shipment finance and providing customer support to businesses.
In 2020, Wiz started with a single offering — ocean imports from China. Today, it specialises in full-service ocean freight solutions (export and import) across major international trade locations and provides door-to-door delivery solutions, while its full-stack platform has automated the cross-border logistics operations of enterprises and SMBs.
The startup specialises in door to door ocean imports from Asia, Europe and the US into India. According to its website, Wiz currently has 50+ shipping lines, 20+ partners and 1,000+ port pairs.
The company caters to more than 200 customers in India, Southeast Asia and the Middle East. Its customer roster features the likes of the Tatas, the Adani group, Mahindra & Mahindra, the Aditya Birla Group, ReNew Power, Hero Motors, ITC and Marico, among others.
“Wiz Freight has been successful in growing consistently and onboarding key corporates while sustaining margins in a highly volatile freight market. In spite of the pandemic affecting the wider freight and logistics industry, large-scale digitization has led to newer solutions. With Wiz, we are very keen and excited to be a part of their journey towards expanding global reach and creating disruptions in the international supply chain” said Ishpreet Singh Gandhi, founder- Stride Ventures.
Last year, Wiz had raised INR 25 Cr from Axilor. In the same space Freight, Tiger had raised INR 48 Cr from Florintree Infra LLP in September last year.
Some of Stride’s recent investments include — Neeman’s, a sustainable footwear brand and then Chennai based startup TenderCuts.
The Indian Freight and Logistics market as estimated by the Mordor Intelligence report is expected to grow at a CAGR of approximately 4.37%.