LoadShare Will Utilise Funds For Team Expansion
Bengaluru-based logistics startup LoadShare has raised an undisclosed amount of Pre-Series A funding from Matrix Partners India.
LoadShare was founded in 2017 by former Myntra executive Raghuram Talluri, along with Tanmoy Karmakar and Rakib Ahmed. It provides a technology platform to logistics companies to form an uninterrupted delivery solution. It works with small logistics players to create an analytics-driven platform.
Commenting on the investment, Vikram Vaidyanathan, MD, Matrix Partners India said, “SMEs in India are adopting technology rapidly and we believe SaaS-enabled marketplaces are a great approach to providing value to the Indian SME. Loadshare’s approach to stitching together a network of small courier companies across India by providing them technology is differentiated.”
As per a company website, LoadShare’s network covers more than 2,000 pin codes across North East & East India, metros, Karnataka, Kerala, Rajasthan, Gujarat, and UP. The company claims to have fulfilled 3 Mn shipments, till date.
Raghuram Talluri, CEO of LoadShare said, “We process a mix of ecommerce and non-ecommerce shipments and started with North East, where we are able to process close to 66% of our shipments in three days. These are usually ordered and processed by the platform directly. Apart from this, we also have a steady stream of software revenues charged to our partners for using our technology platform.”
The startup will use the raised funding for the expansion of engineering and operations, apart from improving its technology.
The company offers logistics services for ecommerce (forward, reverse, COD, last mile only, end-to-end) as well as B2B parcels, documents, and last-mile services.
Earlier this month, Gurugram-based ecommerce logistics firm, Delhivery secured $30 Mn (INR 194 Cr) funding from Chinese international conglomerate Fosun International. Prior to that, Bengaluru-based truck network platform 4tigo Network Logistics raised about $10 Mn Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani.
In April 2017, Kalaari Capital and Norwest Venture Partners led a $7 Mn funding round in ElasticRun, a Pune-based stealth startup in the logistics space. Apart from LoadShare, other startups in the logistics segment Rivigo, Locus, Locanix, BlackBuck, etc.
(The development was reported by TOI)
