Mumbai-based digital freight forwarding startup Freightwalla has raised $4 million (approximately Rs 28.70 crore) in Series A funding led by global venture capital firms Amplo, FJ Labs and Rogue One Capital. Existing investors Kae Capital and Tekton Ventures also participated in this round.
The firm said this makes Freightwalla the first digital freight forwarding company to raise fresh funds within a year of seed funding.
Sheel Tyle, Founder and CEO, Amplo, said,
"At its core, Freightwalla brings trust to logistics. The company is uniquely poised to bring price visibility and shipping accuracy to importers and exporters of Indian cargo which ultimately should increase global trade to and from India. Their tech platform is world-class and we are excited to partner with Freightwalla to reform the industry from the ground-up."
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Incorporated in 2017 by Sanjay Bhatia (CEO), Bharat Thanvi (CMO) and Punit Java (CTO), Freightwalla is a full-stack digital platform for businesses to plan, book, and manage their international freight shipments online.
Sanjay Bhatia, Co-Founder and CEO of Freightwalla said,
“We utilised our seed capital to expand our technology platform, improve sales reach, and increase operational capacity to match the demand. Since the last round of funding, we have witnessed 9X growth in our volumes, 8X in revenue, and 5X in our team size. Now, the Series A funds shall be utilised to further expand our geographical reach and upgrade our technical prowess. We expect to grow 10X with the infusion of fresh funds.”
According to the startup, traditional freight forwarding is a highly manual process, leading to several errors, causing companies to lose money. To address this issue, Freightwalla’s digital platform helps in minimising errors, reducing the overall cost of logistics and saving time for shippers.
Using Freightwalla, the company said shippers can now get a quotation in a single click in less than four seconds instead of typically four hours over several email exchanges with multiple freight forwarders.
The platform provides advanced tools for pricing and sailing schedule discovery along with other features such as real-time tracking of shipments and transhipments, enabling shippers to take corrective actions and saving them from penalties due to delayed delivery.
Freightwalla presently covers door-to-door movements in West India. It is looking to expand door-to-door movement presence and aim to become a pan India company.
In less than two years, Freightwalla has clients across a range of industries including pharmaceuticals, engineering and manufacturing, homewares, textiles, food and agricultural products and others. Moving forward, Freightwalla plans to revolutionise the air freight solutions through its digital platform.
(Edited by Saheli Sen Gupta)