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Mumbai-based logistics startup Wow Express has raised $2 Mn (INR 15 Cr) in a Pre-Series A round of funding led by US-based investors.
Its existing investor Tamarind Family Private Trust also participated in the round.
Founded in January 2015 by Sandeep Padoshi, Jayesh Kamat and Mazhar Faruqi, Wow Express is a logistics company that provides technology led, customised integrated solutions for ecommerce customers including warehousing, order fulfillment, market-place pickups, and last mile deliveries.
The startup is currently present in 20 cities and claims to process about 350,000 shipments every month. It has recorded a quarter-on-quarter growth of over 100%.
Sandeep Padoshi, Director at Wow Express, said, We target to be in 50 cities with 100 branches and processing 10 lakh shipments by the end of this year.”
With the new round of fundraise, the startup plans to expand in various other geographical locations and enhance its technology.
The startup also provides sports bicycle based deliveries and had tied up with Amazon India for bicycle deliveries.
Wow Express raised $500K in seed funding round last year led by Tamarind Family Private Trust. The startup was then valued at about $1.41 Mn (INR 9 Cr.).
According to Assocham, Indian logistics market will be a $307 Bn market by 2020. In this space, 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), and Delhivery, ecommerce fulfilment company, raised $85 Mn led by Tiger Global Management and few existing investors. Besides, ecommerce marketplace players like Snapdeal, Flipkart, Amazon and Paytm are looking at building their own supply chain units. Flipkart has also availed its logistic unit Ekart for third party logistics.
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