[Funding alert] Freight Tiger raises $8M led by Lightspeed, Dalmia Group, and Pawan Munjal Family Trust
There is heightened investor interest in the logistics space with other startups like Delhivery, Rivigo, and Blackbuck also raising funds during this year.
Mumbai-based B2B logistics technology startup Freight Tiger has raised $8 million led by Lightspeed Venture Partners, with participation from Alsthom Industries, part of the Dalmia Group Companies, and the Pawan Munjal Family Trust.
Founded by Swapnil Shah, with offices in Bengaluru and Delhi, Freight Tiger provides real time logistics visibility and collaboration platform for the freight industry. It operates a mobile app for truck owners, logistics companies, and others in the supply chain, which helps in increasing the truck utilisation and get efficient loads.
On May 27, 2019, YourStory had reported on Freight Tiger raising Rs 14 crore from Alsthom Industries. The startup had earlier received seed investment from Shriram Transport Finance Corporation and Mathew Cyriac - former Co-CEO of Blackstone’s India Office.
According to the startup, it will use the funds to connect with more customers, expand its product and technology through Artificial Intelligence and Machine Learning, and build industry-specific AI extensions on the platform.
Commenting on the funding, Swapnil Shah, Founder and CEO, Freight Tiger, said,
“We are keen on building an internationally transformative company. We have built a world-class multidisciplinary team with technology, operations, and product backgrounds to make a significant impact. The current fundraising round and investors’ confidence strengthens our vision to build an operating system that powers the entire logistics and freight ecosystem. “
Freight Tiger has over 170 customers, which includes the likes Saint Gobain, JSW Steel, Apollo Tyres, and leading logistics companies such as BLR Logistiks and several third party logistics companies.
Speaking of funding the startup, Bejul Somaia, Managing Director, Lightspeed India said: “The past couple of years has seen rapid technology adoption by Indian Enterprises, and Freight Tiger has been at the forefront of powering supply chains for some of India’s largest companies through its depth and breadth of software products. We look forward to partnering with the Freight Tiger team as they unlock new possibilities in one of the world’s largest logistics markets.”
The logistics startup space in India has witnessed heightened investor interest with Delhivery turning into a unicorn this year with a funding of $413 million led by SoftBank. The other players in this segment like Rivigo and Blackbuck have already raised funding this year.