[Funding alert] Logistics technology startup Freight Tiger raises Rs 14 cr from Alsthom Industries Ltd
Mumbai-based logistics technology startup Freight Tiger has raised around Rs 14 crore in funding from Alsthom Industries Ltd, the cement grinding unit of Dalmia Cement (Bharat) Ltd, according to RoC filings accessed by YourStory.
The filings included allotment of 62,621 Series A1 compulsorily convertible preference shares on March 26, at a nominal value of Rs 100 each with a premium Rs 2,135.67 per share, amounting to a total consideration rounded off to Rs 13,99,99,891.
In 2017, commercial vehicle financier Shriram Transport Finance Company Ltd had acquired a 17 percent stake in the company for Rs 6.99 crore. Also in the same year, US-based venture capital firm Lightspeed Venture Partners bought a minority stake in Freight Commerce Solutions Pvt Ltd, which owns and operates Freight Tiger.
Founded in 2014 by Swapnil Shah, Freight Tiger operates a mobile app for truck owners, brokers, and logistics companies, helping them boost truck utilisation. Some of its clients include DHL, JSW Steel, Damco, Saint-Gobain, BLR Logistiks (I) Ltd, and Prakash Parcel Services (PPS).
Other players operating in the logistics technology sector are Locus, Rivigo, Ecom Express, Delhivery, Black Buck, Shipsy, and Paytm-backed Loginext among others.
Earlier this month, two Bengaluru-based startups raised funding. Black Buck closed a $150 million (Rs 1,050 cr) round of equity funding led by Goldman Sachs Investment Partners and Silicon Valley-based Accel, while Locus secured $2.75 million in Series A funding led by Exfinity Venture Partners.
In March 2019, Delhivery marked its entry into the unicorn club at a valuation of $1.6 billion with a funding of $395 million in its Series F round led by SoftBank.
In April, Flipkart also announced its plans to invest over Rs 3,000 crore to expand its logistics operations across India. The Walmart-owned ecommerce company plans to acquire around 300 acres of land in the National Capital Region, Karnataka, and West Bengal to set up logistics and warehouse facilities, sources familiar with these developments told YourStory.