[Funding alert] Enterprise logistics startup COGOS raises $2M in pre-Series A round
Bengaluru-based enterprise logistics startup COGOS Technologies has raised $2 million in pre-Series A funding round led by Transworld Group, a global logistics and shipping firm. Worldquant Ventures, a New York-based deeptech fund also co-led the round.
Ritesh S. Ramakrishnan, joint managing director at Transworld Group, will be joining the board of.
The logistics firm will use the funds to develop their technology platform and also expand outside of India. The firm earlier raised a seed round of $1 million from Indian Angel Network, among others.
“COGOS was founded to integrate the fragmented and the unorganised logistic market. We are very happy to have global logistic players and deeptech VCs believing in the potential of COGOS platform. Going forward, we will continue to provide customised solutions to our partners and push ourselves to further provide the best experience to the clients with our technology driven platform,” said Prasad Sreeram, Co-founder & CEO, COGOS, in a release shared by the firm.
Founded in 2016 by Prasad Sreeram, who earlier worked in San Francisco-based Prysm Systems, and Rama Mohan Katta, former CEO at MyPharma, COGOS is an artificial intelligence-led logistics platform. In June, the firm announced the introduction of 2,500 electric vehicles to its fleet across Gujarat, Bengaluru, Delhi and Hyderabad with expansion plans in Tamil Nadu and Maharashtra.
Logistics platforms are high in demand due to growing online shopping, among other new avenues.
COGOS Technologies' funding comes at a time when logistics platforms are in high demand. This is due to growing ecommerce adoption, among other services.
Chetan Mehta, CEO of Wami Capital – Single Family Office of Transworld Group, said,
“We are very bullish on the India growth story, which is led by both consumption and innovation. Logistics in India is a $300B+ market and is highly fragmented and unorganised. We see a huge growth opportunity in the Indian logistics’ space especially in the Tier III and IV cities, which are underserved today."
"Technology is changing the way logistics services are being consumed and we are very excited to partner with COGOS to provide technology enabled logistics services to clients and build a scalable and sustainable global business,” he added.
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