SUMMARY
Wiz Freight will deploy fresh capital to accelerate technology, R&D and global expansion into Southeast Asia, the Middle East and Africa
Wiz Freight plans to double its headcount too among meeting other objectives
The round saw participation from other investors–Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital
Chennai-based full-stack digital supply chain startup Wiz Freight has raised $36.3 Mn (INR 275 Cr) in Series A funding round in a mix of equity and debt led by Tiger Global.
The round saw participation from other investors–Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital.
Wiz Freight will deploy fresh capital to accelerate technology, R&D. It will further infuse capital for global expansion into Southeast Asia, the Middle East and Africa.
Ramkumar Govindarajan, CEO of Wiz Freight said, “We are helping customers take control of their supply chains by offering 10X shipment visibility, intelligent risk-optimised routing solutions and multicarrier capacity offerings through our tech platform and build maximum resilience to avoid business disruptions.”
Founded in August 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight helps exporters and importers book, as well as manage, cross-border shipments through its platform. Its offerings include cargo insurance, air freight, customs clearance, FCL and LCL shipping, trade advisory and land transport.
The Chennai-based freight forwarder claims to have more than 15 offices across the globe. It further asserts to have catered to more than 1500 enterprises. It is currently planning to double its headcount and grow revenue by 400% in the coming year.
According to the statement, Wiz Freight plans to launch operations in 15 new countries in Southeast Asia, Middle East and Africa with Singapore and Dubai as its headquarters for the respective regions by the end of 2022.
In addition, it plans to launch new tech research and development (R&D) centres in Bengaluru and Singapore to further develop its AI, ML, blockchain and IoT capabilities.
In January 2022, Wiz Freight raised INR 20 Cr in debt funding from Stride Ventures. Then, it planned to use the funding for hiring, tech development and global expansion in 2022.
Then, Govindarajan said, “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.”
In August 2021, Wiz Freight raised $3.5 Mn in a seed funding round led by Axilor.
The round saw participation from investors–Arali Ventures and Foundamental, along with angel investors Ramakant Sharma–cofounder of Livspace, and Daniel Richner, chairman of the M+R Spedag Group.
According to a report, the Indian logistics market was around $250 Bn in fiscal 2021. It was estimated that the market would grow to $380 Bn by 2025.
