SUMMARY
Agraga aims to penetrate into the ISC and SEA markets
The startup offers services in rail and road transport, ocean and air freight, warehousing, customs, and insurance
It aims to strengthen its technology stack to offer end-to-end solutions globally
Digital logistics startup Agraga has raised INR 70 Cr (around $8.51 Mn) in a Series A round led by IvyCap Ventures, with participation from Alteria Capital. The startup stated that the funds will be used for expanding operations across India from its current presence in three cities to more than 15 cities by March 2024.
Agraga aims to strengthen its technology stack to offer end-to-end solutions globally and improve integrations with asset partners such as ocean/air carriers, warehouses, transporters, and customs departments. Further, Agraga also aims to resolve the challenges that come in the way of deliveries with multiple intermediaries, to enable better turnaround time digitally via its platform.
Co-founded by Venkatesh Narayanaswamy and Anoop Raghavan, Agraga commenced its operations in 2021. It offers services including rail and road transport, ocean and air freight, warehousing, customs, insurance, and finance. According to the startup, the digital ecosystem is equipped with data analysis, partner integration, product curation, and optimising supply chains to provide bespoke and adaptable solutions that cater to the exclusive needs of every customer.
Agraga claims to have 200 customers in the enterprise and MSMEs segment, while it has more than 500 digitally connected partners.
In the coming years, Agraga plans to penetrate deeper into the emerging markets of ISC and SEA regions in the cross border and contract logistics domain. It aims to achieve this goal by offering a state-of-the-art digital ecosystem to the MSMEs and enterprises enabling them to take their logistics operations to the next level.
Commenting on the investment, Vikram Gupta, founder, and managing partner, IvyCap Ventures said, “Their platform leverages technology to provide a transparent, streamlined, and cost-effective approach to the supply chain ecosystem, and we are excited about their vision of transforming the global logistics industry.”
Further adding to this, Narayanaswamy said, “The Indian government’s target to increase exports to USD 2 trillion by 2030 reinforces this point. To achieve this objective, technology will be a critical enabler, and Agraga’s advanced technology stack is well-equipped to support this endeavor.”
He further added that Agraga’s delayered supply chain offers significant cost benefits, while its streamlined process minimises the coordination and monitoring efforts required by the customers.
“As we continue to expand our national and global presence and maintain our low-touch model, Agraga has the ability to provide scalable solutions to thousands of MSMEs. Ultimately, our mission is to deliver a world-class experience to our customers and partners worldwide, while creating long-term value for our stakeholders,” Narayanaswami added.
BlackBuck, XpressBees, FarEye, Ecom Express, etc are some other enterprise logistics providers that are operating in India.
