Mumbai-based logistics startup Wow Express has raised $500k in seed funding round led by Tamarind Family Private Trust, the family owned investment trust of Mansukhani Family, who are the promoters of Onida Group. Vijay Mansukhani, who is one of the co-founders of Mirc Electronics will be joining the board of Wow Express.
The lead investor Ayesha Mansukhani says “we have been actively looking at the ecommerce space and we found that Wow Express offers a fantastic mix of experience, execution and opportunity.”
Founded in January 2015 by Sandeep Padoshi, Jayesh Kamat and Mazhar Faruqi, Wow Express is a logistics company that provides technology led, customized integrated solutions for ecommerce customers including warehousing, order fulfillment, market-place pickups and last mile deliveries.
The startup is currently valued at about $1.41 Mn (INR 9 Cr.). On this development, Sandeep Padoshi, co-founder and director of Wow Express says, “We look at technology as a tool to keep us nimble and by providing features such as real time updates, card on delivery, 48 hour COD remittance; We aim to create millions of wow experiences in the process”.
The startup is planning to expand in about 12 cities by December this year and in about 50 locations by the end of 2016.
Within six months, Wow Express has processed about 100,000 (1 lakh) parcels per month through its network of branches in Mumbai, Thane, Delhi NCR, Ahmadabad, Surat and Jaipur. The company’s aim is to double this volume in the next two months. A few of its clients in the ecommerce space includes Paytm, rediff and Fashionandyou among others.
In this space, other players other players that have raised funds includes Delhi-based logistics solutions provider Ecom Express which received $133 Mn. Mumbai-based logistics analytics startup, LogiNext Solutions raised $500k from Indian Angel Network (IAN). Delhivery, ecommerce fulfilment company, raised $85 Mn led by Tiger Global Management and few existing investors.