LoadShare Networks Raises INR 300 Cr To Intensify Warehousing Network

Logistics startup LoadShare Networks has raised INR 300 Cr (~$40 Mn) in a Series C funding round led by Tiger Global. 

Filter Capital, 57 Stars and existing investors CDC Group Plc and Matrix Partners India also participated in the round along with some family offices. Stellaris and BeeNext were early investors in the startup.

Founded in 2017 by Raghuram Talluri, Tanmoy Karmakar and Rakib Ahmed, LoadShare offers a tech-based logistics platform to companies, aiming to provide an uninterrupted delivery solution to its clients. 

It claims to offer a variety of services including last/first mile solutions, quick commerce, food delivery, regional trucking, warehousing and regional end-to-end logistics. 

According to the startup, it has scaled up its operations since its INR 100 Cr (~$13.4 Mn) Series B funding round in April 2020 to become a pan-India operation that delivers more than 250k last-mile orders a day and more than 300 tonnes per day in regional trucking across more than 500 towns in 18 states.

It plans to invest the freshly infused capital in five areas: building its team, building SME logistics tech, pushing towards electric vehicles (EVs), improving customer experience and deepening its regional logistics and warehousing network to enable faster deliveries.

“From quick commerce to enterprise supply chains, the logistics industry is undergoing a massive transformation. We have been able to scale up 5X from our Series B scale due to strong macro tailwinds and staying close to our customers. We also unlocked other tech-driven, non-linear growth opportunities for SME truckers and delivery boys, in addition to the core ops engine,” said Raghuram Talluri, cofounder and CEO of LoadShare. 

According to RedSeer, the Indian road logistics market is projected to reach $330 Bn by 2025, growing at a compound annual growth rate (CAGR) of at least 7%. 

The demand for goods movement is expected to increase at an 8% CAGR with rising income levels, higher exports, growing retail sales and a rapidly growing ecommerce sector.

Intercity logistics make up about 87% of the road logistics spending. This refers to the movement of goods for more than 200 km with a round trip greater than 24 hours.

“LoadShare’s technology enables India’s SME logistics providers to act as one, creating a national transport network with low cost and high flexibility. We’re excited to back Raghu, Pramod and their experienced team as they densify their network and expand their product offering,” said Griffin Schroeder, partner at Tiger Global. 

In November last year, Indian logistics unicorn Delhivery had filed its draft red herring prospectus (DRHP) with market regulator SEBI ahead of its initial public offering (IPO). In December, distribution and logistics startup Ripplr had raised $12 Mn in a pre-Series B funding round with a mix of debt and equity funding.